Do you understand why people hate them? One, at last I knew, search engines ignore them, so whatever is in them won't help you climb the search engine page ranks. Two, they force the user to work harder to use your page. Three, they aren't viewed equally by all browsers, though that isn't so true anymore, but you have to consider your audience.
You can put the sidebar anywhere you want, and an iframe anywhere you want. There are tons of places to get information on creating an iframe on the net. Just do a search. Technical information can also be found at the http://www.w3c.org/.
I recommend you visit the WordPress Codex, documentation site for WordPress and spend some time learning about themes and layout to help you deal with the other issues regarding your sidebar.