Terminator is a program that allows users to set up flexible arrange of GNOME terminals. It is aimed at those who normally arrange lots of terminals near each other, but don’t want to use a frame based
window manager

If you are using hardy use the following command to install

# sudo apt-get install terminator

For other distributions download source code at https://launchpad.net/terminator/+download
once downloaded extract it:

# tar zxvf terminator_0.8.1.tar.gz

# cd terminator-0.8.1

# sudo ./setup.py install

Terminator allows you to manage windows using the keybindings described here:

Ctrl+Shift+O

Split terminals Horizontally.

Ctrl+Shift+E

Split terminals Vertically.

Ctrl+Shift+N

Move to next terminal.

Ctrl+Shift+P

Move to previous terminal.

Ctrl+Shift+W

Close the current terminal.

Ctrl+Shift+Q

Close the current window.