I'm sure many people have seen the gnome-terminal embed in the desktop feature. Pretty sweet stuff. Many also likely use GeekTool on the OS X side, perhaps for weather or to show output from some commands (top, htop, whatever).
Is it possible to get a full fledged terminal embedded into the OS X desktop? As an extension, I'm a rapid iterm2 user - if the default terminal is 'embeddable', can a 3rd party terminal be embedded?