There are 3 basics for every opening. If a grandmaster would not know an opening (very unlikely in a normal opening) he would fall back to these principles.
1) Development
2) Castling
3) Connection of the rooks
Ofcourse grandmasters have a much better feel for positions and dynamics and a much better tactical eye and they are able to beat most weird setups behind the board.
I remember the comment of Jan Gustafsson on some strange gambit on his e4/e5 dvd stating .. yeah it is weird and not very good. I never looked in to it but i am pretty sure i can refute it behind the board.
They say a grandmaster doesn't "care" about the openings thats much, at least , not as much as I would do as a 1100-ish player, but rather about the overall tactical devolpement( or some like that).
But I wonder, how would a grandmaster handle an opening he is not familiair with? I mean, it's impossible to memorise every opening that's out there, right? How do they look at the game from that perpsective?