I've put together a compiz-fusion package with everything needed to get it running under slack 12.1 (fresh install).
http://download.yousendit.com/A39C293D1C28222C
feel free to find a more permanent host for this file.
install instructions:
cd to your download directory.
tar xf compiz-fusion-0.7.4.tar.gz
cd compiz-fusion-0.7.4
su
installpkg *.tgz
cd fusion-icon
python setup.py install
Now you have the "fusion icon" command and menu item.
Enjoy