I accidentally removed Terminal from the apps folder. Any ideas how to get that back?
Have a look at this post - the app is included on one of the DVDs that came with your Mac. Alternatively, I'm quite positive you can copy the Terminal .app file from another Mac that's on the same OS, as well.
just so you're aware, the newer Macbook Pros don't have DVDs supplied any more.
This means that deleting apps like Terminal (or, in my case, the X11 utilities) is a permanent state of affairs, unless you have access to another Mac (not in my case) or you have a good relationship with your local Apple store. In my case, the nice people at Dick Smith Electronics (Australian reseller) allowed me to access their support DVD with OSX Lion on it. As it turns out, I could also install Quartz from the support site, but that's not an option with utilities like Terminal.
The only other solution from Apple support was to reinstall the OS completely!
So generally speaking, this may become a more difficult-to-recover-from issue now that you only get the installed OS on disk.