Libyan dictator Moammar Gadhafi, the most wanted man in the world, has been killed, the country's rebel government claimed today.

The flamboyant tyrant who terrorized his country and much of the world during his 42 years of despotic rule was cornered by insurgents in the town of Sirte, where Gadhafi had been born and a stronghold of his supporters.

The National Transition Council said that its fighters found and shot Gadhafi in Sirte, which finally fell to the rebels today after weeks of tough fighting.

Word of Gadhafi's death triggered celebrations in the streets of Tripoli with insurgent fighters waving their weapons and dancing jubilantly.

The White House and NATO said they were unable to confirm reports of his death.