Use Multiple Terminals in One Window

If you’re a heavy terminal user, you probably often use multiple terminal windows or tabs at once. The Terminator terminal lets you split one window into a resizable grid of terminals. You can easily monitor all of them at once at once, prevent your screen from being clutted with terminal windows, as well as use your screen real estate more efficiently.

Terminator is easily installable from the Ubuntu 8.04 repositories:
sudo apt-get install terminator

If you are using Ubuntu 7.10, you can manually download and install the same package without any problems. Scroll down to the downloads section of the package’s page, click the all architectures link, select a mirror, download, and install the package.