Can't imagine I'm the first one to wonder, but I really can't find anything on this - maybe I'm just using the wrong search terms.
I'm looking for a terminal emulator that would allow me to navigate through the output like a text file using the keyboard. There are some really good ways to do this inside Emacs. Specifically the FANTASTIC multi-term package which lets you switch between text/terminal mode very easily, but running terminals inside emacs isn't very lightweight.
I'd love something that is exactly like xterm or xrvt but allows you to do something similar. Suggestions?