Caching generic data (not responses) used by a web service???

[Bob Rock]

Hello,

I'd like to have some suggestions/pointers to how I could implement caching
of generic data used by a set of web methods. I don't need to cache the
response of web methods but of generic data (in the form of key/value
pairs).
..
Based on my current knowledge I have the following two choices:

1) using the HttpApplication class
2) using the instance of the Cache class accessible via the HttpContext
class

Are these good approaches or do they have any drawbacks I should be aware
of???
Are there better solutions???

Any suggestion/pointer is welcome.
Bob Rock

[Bob Rock]

BTW I forgot to say, I'd need in-memory (and probably in-process) caching. I
already use MS's caching application block for permanent caching of data
...... now I'd need a more volatile (and faster) caching.

Bob Rock