I am finishing up the customization of my Ubuntu with themes, AWN, etc...

The only thing I am missing is something equivalent to Rainmeter (those who dont know it, u can google it, Rainmeter allows you to create *.ini files as gadgets and by putting the images in the same folder as the .ini file, u can control how it looks and functions and so on). the resulting gadget would look like this

http://www.adni18.com/gallery/details.php?image_id=97
(note I know the gadget linked above is created using DesktopX, but I meant the idea and the appearance)

So, is there something similar in Linux that can do same or similar functionality?

Thanks alot

If using Gnome, I think gDesklets handles this.
Sample image found in google image search: http://www.sasky.com/temp/snapshot4_thumb.png

If using KDE, superKaramba is the tool, I believe:
Sample image of superkaramba: http://liquidweather.net/images/lwp.png

Since you use Ubuntu, you use Gnome, unless you have deliberately installed a different Desktop Environment.

I have no experience with gDesklets or SuperKaramba, so can't do much more than point you in a direction and see if that is what you were looking for.

thnx for the fast reply. I use Gnome so I will give gDesklets a shot. A friend also recommended Screenlets, so I will look into that as will.

any1 know what is the difference between the two?

Screenlets requires you to be running a compiz/beryl or some other composite manager for one.