There is a rumor going around that they found a cure for AIDs..Is that true..?

There are currently drugs available that enabled a HIV positive person to live a normal life span. The treatment is not cheap, but for someone living in the US, HIV is not a death sentence anymore.

There are also studies underway that indicate that certain combination of those drugs prevent the user from getting HIV, similar to Malaria prevention drugs. Those studies look very positive, but a prevention is not a cure.

To completely eradicate the HIV disease, a vaccine would be required and that still seems to be some time in the future.

Even if they did find a cure for AIDS, it most likely will not work. The main issue with curing AIDs is the same as curing the common cold, the virus mutates too quickly. Unless Science has developed a cure that can mutate in exactly the right way to counteract the virus, any cure for AIDs is not that significant.

Absolutely not true.

HAART (highly active antiretroviral therapy) can lower the serum viral load to levels undetectable by traditional methods. This however is not a cure because the HIV virus hangs out intercellularly.

Several trials are on going for immunizations against HIV1 and HIV2 viral strains, but so far the data does not look very good.

There is no cure to HIV, the virus that causes A.I.D.S. While many different drugs are produced to combat AIDS, these are 'therapies', designed to slow the progress of the disease and/or aleviate the suffering caused by the virus.
Second-generation therapies, and later, are targeted more effectively toward the virus replicating and destroying the human white blood 'T-cells'. This also decreases the toxic side effects of the drugs, such as undesired cell death of the intestines, which also need to multiply quickly.
Regretfully, the HIV virus is able to remain in the human body, due to its rapid ability to produce more virus quickly. HIV, like cancer cells, also has the ability to change the DNA blueprint for its offspring, leaving a few virii better able to thrive when later exposed to the same drug or therapy.
While the research of drugs better able to 'shortcurcuit' the ability of HIV to adapt continues, regretfully, as of 2006 the virus is able to adapt, and completely destroy, the essential immune system of each of its victims, after a number of years.

AIDS is a syndrome, it means it is a collection of diseases and symptoms. The mechanisms of this disease, as with cancer, are not fully understood. Immunodeficiency pretty much means your body's army (antibodies / immune system) has given up. There maybe treatments to slow down the development of acquired immunodeficency, but cure..? not in our generation.