Somebody correct me if I am wrong, but the difference is that the cast wheels were stamped out of aluminum and not very strong. Forged is cut from a single block of aluminum. This it why the cast wheels will break more readily than the forged. I have seen many 96 wheels break with the hub coming apart from the barrel of the wheel.
Forged are actually "stamped", as you put it, from a single slug of aluminum. It's a lot more than stamping, it involves hundreds of tons of pressure and cold rolling, the result is a very strong, lightweight rim not prone to cracking but will eventually develope stress cracks after many thousands of cycles. Forged rims are probably the best type available and more expensive.
Cast are what the name implies...molten aluminum is poured into a cast, cheaper to produce but not as strong or light as forged.Gravity cast is the cheapest form.
Milled rims are also an option...very expensive as each rim can take many hours (days even) to machine from a billet slug. I don't know about their strength but I'm sure not as good as forged.