my question is: does google read the text in iframes?if someone does a search on google will that page showup in results?
Yes, it does, but the results can be unexpected sometimes. For example, it can show it in the results as a different page than this one where you placed an iframe.
I would really recommend not using iframes, if you can help it. For the reasons mentioned above, plus security concerns, they really are not a good technology to use.
Security? Why? I'm using both: iframes and Java. But I don't know about crawling Java content... Does google read the text in .js files?