http://sociable.co.nz/post/20386030309/i-threw-together-a-quick-video-demonstrating-how

.vimrc

" Function which runs a command using ConqueTerm in the
" current or split buffer.
" If no command is given it just runs bash.
function! RunCommandInBuffer(where,...)
  " Can split the buffer if you want.
  if a:where == 'new'
    exec ':new'
  elseif a:where == 'vnew'
    exec ':vnew'
  end
  " run a shell if no other arguments are supplied
  if a:0 == 0
    exec ':ConqueTerm bash'
  else
    exec ':ConqueTerm ' . join(a:000, ' ')
  endif
endfunction

" User commands to call RunCommandInBuffer nicely.
command! -nargs=* Exec :call RunCommandInBuffer('here',<f-args>)
command! -nargs=* SplitExec :call RunCommandInBuffer('new',<f-args>)
command! -nargs=* VSplitExec :call RunCommandInBuffer('vnew',<f-args>)

" Command Aliases via cmdalias:
call CmdAlias('exec', 'Exec')
call CmdAlias('splitexec', 'SplitExec')
call CmdAlias('vsplitexec', 'VSplitExec')
call CmdAlias('se', 'SplitExec')
call CmdAlias('vse', 'VSplitExec')