http://sourceforge.net/projects/conemu/ wrote:ConEmu is a Windows console window enhancement (local terminal emulator), which presents multiple consoles and simple GUI applications as one customizable tabbed GUI window with various features. Initially, the program was created as a companion to Far Manager. ConEmu starts a console program in a hidden console window, and provides an alternative customizable GUI window with various features.
A rather interesting snippet from ConEmu's FAQ page:
http://code.google.com/p/conemu-maximus5/wiki/ConEmuFAQ wrote:Q. Can ConEmu make launched applications portable?
A. This feature is under development - complete registry interception for launched applications is planned.
Download ConEmu Stable (currently v120727c) @ http://sourceforge.net/projects/conemu/files/Stable/