When setting the Build Action to Content, the file will not be compiled and will be put in the Content output group.
Whether the file gets copied or not depends on the Copy to Output Directory setting at that point.
Of course, if you set Copy Always on a file, it may get compiled and then copied.
See File Properties on MSDN:
Content – The file is not compiled, but is included in the Content output group. For example, this setting is the default value for an .htm or other kind of Web file.