It depends on what you mean by "see" the master list.
If you're writing code to access it, you can do that by getting an SPWeb
object for the top level site and using its Lists
property.
If you just want to display it on a web part page, you can do that with a Content Query Web Part.
If you want to use it in other lists somehow, that's a more involved question. You can definitely set up lookup columns to point to lists in other sites, but we've only done that via custom site and list definitions.
Also, if you want to reuse some text or HTML from your master list and you're using MOSS, the Reusable Content list in the site collection's top site is useful.