Is there an equivelant?
 

Has anyone seen TrueCyrpt?

Is there a Linux equivelant or compatibe available now?

Compatible with TrueCrypt - no. I have looked for this too (would be great for encrypting USB memory sticks) and I gave it up. There is http://luks.endorphin.org/ which is supposed to be linux/windows compatible but it is far from finished.
You could use dm-crypt if you need linux only, but then Windows is locked out. There are also commercial solutions (e.g. BestCrypt) that have both windows and linux drivers.

darn :-/ are there any other encription programs that are windows/linux compatible (other than gpg)?

Just for the heck of it I tried installing TC via wine, but it didn't work.

No, TrueCrypt is a device driver so wine will not work :(

If you find some free open-source solution to the problem, post here. I am interrested in that too :)

CrossCrypt?
 

This program looks similar to TrueCrypt and claims to be compatible with "standard Linux systems":

http://www.scherrer.cc/crypt/

Definitely worth a look next time I boot into windows. Thanks a lot.