What would be the best approach or strategy for configuring, customizing or developing in SharePoint a solution that allows me to keep one or more SharePoint lists in sync with a SharePoint list I have designated as a master or parent list.

I would like to be able to create a master/parent list of some information that can be extended or used by different parts of the organization without them being able to CRUD any items on the actual columns of the master list. (I have seen some commercial web parts that offer column security on SharePoint lists and although that’s one way of potentially meeting my needs I would like to explore other options.)

Scenario:

I have a list called FOO:

FOO

Title

Description

I would like to create a new list BAR based off of FOO (BAR is managed by sub-organization that doesn't have access to FOO List):

BAR

FOO.Title (Read-Only)

FOO.Description (Read-Only)

NewColumn1

NewColumn2

Actions:

Create- If a new item is entered in FOO I would like the new item added to BAR.

Read - N/A

Update - If the title or description is changed in FOO I would like it changed in BAR.

Delete- No Deletes in the scenario. (Deletes are handled by the business with status column.)

Templates with content extraction offer me this but it’s a one time shot at list creation.

Just not sure what the best approach or strategy would be for this in MOSS 2007.

Thanks!