I was pointed to YeahConsole a little while ago as a means of getting a gamelike drop down terminal on my desktop.

I tried it and liked all but one thing... no support for transparency, so I've forked it and now make it available here as FB-Console. This includes true transparency support, you'll need something like xcompmgr installed for it to work properly, and is configured from .Xdefaults just like the rest of the console.