AFAIK there are two main ways you could do this - either find or write a kernel driver to run the GLCD as an output display (there are tons of raspberry pi examples for this) or have something like an Arduino running a terminal emulator connected to a serial port on the Linux system.
Thanx for replying.
I won't like to use any micro for this thing as I am doing this project to learn and not to get anything working asap.
I found that there are many tutorials on how to get glcd working on the Pi but I am not sure how get terminal data on to the glcd. I don't expect a step wise break down on how to do it but just few pointer and things I might have to read to get this thing working.
As an example friend of mine pointed out that I should see what socket programming is, to get low level access to Ethernet communication.
That kind of general pointing out will be helpful.