translucent terminal = aterm, eterm, and I think a KDE term does this too
Cool Desktop = XFCE
what other 'cool' features were you looking for beside translucent terminals? If you want full transparency (ie all windows are semi-see through) I think you will have to go with an experimental X server (can't remember what its called right now). Also if you want drop shadows to come from your menus there is a patch for Gnome / GTK I think that will do this.