OS X Terminal: Meta key + alt functionality at the same time

Question

Is there a way to use an alt / option key as a meta key but still be able to use it to make some characters which need it?

For example, in my l

Answer 1

I would like to mod this question up or something because i also use a Swedish keyboard where i must press alt+7 or alt+shift+7 to make | and \ respectively.

I also use Irssi in Terminal.app and these don't mix well.

I'm a long time vim user though so emacs is not an issue to me.

Isn't there some way to remap CMD to be Meta in Terminal.app?

So far i've been surviving by simply typing /wg N in Irssi because having those characters in my Terminal is much more important than IRC.

A solution would be worth gold to me though! :)