Lubuntu is Ubuntu with LXDE and it is light. Xubuntu is medium light and a little more fancy. I guess it is possible to install compiz, but I think very few people run it with Lubuntu and Xubuntu. It is better to choose a distro that comes with it.
Those Compiz effects that you ask about are now discontinued. You still have Wobbly Windows and other effects on 12.04 but you have to install Compiz Configuration Settings Manager and as previous mentioned you need a graphic adapter that can handle those effects. But they are not available from 12.10 onwards. There are not enough developers to maintain those Compiz effects.
It is a machine. It is more stupid than we are. It will not stop us from doing stupid things.
Ubuntu user #33,200. Linux user #530,530