Comment 17 for bug 207065

Done, it's working fine for me. It reads the /apps/metacity/general/resize_with_right_button gconf value and sets mouse buttons for resize / window menu accordingly
Additionally, changes in ccsm will be written to the gconf value: For example, you get into the "resize" plugin, and change the initate_button option to "<Alt>Button3" (Button3 = right button). This will set the gconf key resize_with_right_button to "true".
Setting in resize plugin the option to "<Alt>Button2" will revert the gconf key back to "false".

Anyone interested in trying it out will be greatly appreciated.

There's only one file to patch, which can be found at:
http://cgit.compiz.org/fusion/compizconfig/compizconfig-backend-gconf/

You don't need to compile whole compiz from source, just one plugin (compizconfig-backend-gconf)
(Although you'll still need all the headers/dependencies and necessary tools for compiling)

you can get the sourcecode like:
$ git clone git://anongit.compiz.org/fusion/compizconfig/compizconfig-backend-gconf
$ wget http://launchpadlibrarian.net/39947363/resize-with-right-button.patch
$ patch < resize-with-right-button.patch

And then compile , make, backup ubuntu libs, install
$ autogen.sh
$ make
$ metacity --replace
$ for file in /usr/lib/compizconfig/backends/libgconf.* ; do sudo mv $file $file.backup ; done
$ sudo cp settings-backend/.libs/libgconf.* /usr/lib/compizconfig/backends/
$ compiz --replace