When you add a web reference, you add localhost:48620/Dynamics/GPService . If you need to authenticate to another one, add change the URL:
// Create an instance of the service
DynamicsGP.Core.DynamicsGPService.DynamicsGP wsDynamicsGP = new DynamicsGP.Core.DynamicsGPService.DynamicsGP();
wsDynamicsGP.Url = "http://www.mysite.com:48620/DynamicsGPWebServices/DynamicsGPService.asmx";
// Be sure the default credentials are used
wsDynamicsGP.UseDefaultCredentials = true;
wsDynamicsGP.Credentials = new NetworkCredential("username", "password", "domain");
CompanyCriteria cc = new CompanyCriteria();
Company[] c = wsDynamicsGP.GetCompanyList(cc, new Context());
return wsDynamicsGP;