Question: Has anyone created a twitter like app in Sharepoint 2007? Would really like to know about your ideas and suggestions.

Answer: 
There are a few options for you.

Michael Gannotti has this point on how to do it simply with a content editor web part and some javascript:
<http://sharepoint.microsoft.com/blogs/mikeg/Lists/Posts/Post.aspx?ID=1202>

Aidan Garnish has a solution here:
<http://aidangarnish.net/blog/post/2009/02/Twitter-SharePoint-web-part.aspx>

There's a CodePlex project called SharePointTwitter here:
<http://sharepointtwitter.codeplex.com/>

And if you just want to search twitter there's a web part here:
<http://www.mattjimison.com/blog/2009/03/04/twitter-search-webpart/>

Hope that helps!
Check out this [Team Status](http://community.zevenseas.com/Blogs/Daniel/archive/2009/05/09/release-version-of-our-%e2%80%9cassembly-free%e2%80%9d-team-status-template.aspx) solution from Zevenseas.