There are several ways to go about this. The most straight-forward is to have a login link somewhere in the navigation that appends the destination to the url. The code for this is something like:
<?php
if (user_is_anonymous()) {
$link = l(t('Login'), 'user/login', array('query' => drupal_get_destination()));
}
?>
You can also set a custom access denied page at admin/settings/error-reporting that could either go to a callback that outputs the above code, or to a simple php node that outputs that code.
Additionally, the user login block provided with Drupal core uses the same method to redirect a successful login back to the originating page.
Edit: Note that the above methods will rarely work for registration, because there are more steps involved there. Specifically, when a user needs to verify an email address, passing the originating destination along via the email would involve modifying the core user registration process.
It will potentially still work on a site configured to not verify email addresses. The idea then would be to provide 2 links: 1 for login and the other for registration, both passing along destination information.
LoginToboggan may also be worth pursuing, although it doesn't yet offer the exact registration feature you're looking for.