All components should be removed from a circuit prior to testing when checking resistance. The reason for this is, a multimeter actually places a small bit of current through the component under test. Electric current always takes the path of least resistance so if the component is in a circuit and there is an easier path of resistance, you may not be reading what you think you are.
Be careful testing capacitors with a DVM. The afformentioned current can actually charge the capacitor with a voltage and shock you if you touch the leads. (Actually this can be a lot of fun in small doses. Charge capacitor toss to friend, watch reaction).
On an IC chip that is in circuit you can read a few things if power is applied. First off, on all chips, there is a small notch cut out of one end. If you hold the chip vertically with the notch facing up, the top left hand pin is pin one and the top right hand pin is the last. The count goes in a counterclockwise direction so the pin directly below pin one is pin 2 until you reach the bottom then procedes up the right hand side of the chip. If memory serves correct, pin one ios always ground and the last pin is always source voltage. Please remember that IC chips are extremely static sensitive and any electrical charge from your body can destroy it. Best bet is to always ground yourself when testing electronics of any type.
I wrote a guide for transistor testing in the monitor faq. Not worth rewriting the whole thing here.
http://forum.arcadecontrols.com/index.php/topic,14906.msg295222.html#msg295222Hope that helps and wasn't too confusing.