Showing 2nd Depth term name and image along with it's associated node's title So I have a "Category" vocabulary on my website like this:

Parent Term 1:
  -- First Child Term:
     -- Second Child Term:
        -- Associated Node 1
        -- Associated Node 2
Parent Term 2:
  -- First Child Term:
     -- Second Child Term:
        -- Associated Node 3
        -- Associated Node 4


For Instance consider this:

Electronics:

      - Notebooks
        -- Asus
         --- Node 1 
        -- Apple
         --- Node 2, Node 3 ...


What I want is to make a view to Show Popular Categories, The "Second Child Term" "Term Image (field)" along with 4 of it's nodes! so I can have something like this:

- Notebooks
-- Node 1
-- Node 2
-- Node 3
-- Node 4


I almost destroyed my laptop over this and couldn't figure this out, I ask you Views guru's to help out a newbie, Thanks.

Also note that I'll buy you dinner if you can help me &lt;3
When you say 'Popular', do you mean the view must showing only the most popular/used term?  a bit more info please. 

Ok, then I think I can help you get there, if I've understood everything correctly.

I've created a taxonomy that looks like this:
Vocab: Electronics
Terms:


Notebooks

Asus
Apple

Television

Panasonic
Sony



Then set up a view of Taxonomy Terms, using Filter Criteria to limit to your Electronics vocabulary (all straight forward so far).  What will help you is adding Advanced > Relationship > Taxonomy term: Content with term .  This will allow you to output the node fields that reference each term, per result.

Then enable Advanced > other > aggregation. This will allow you to group your results together by term.

To get closer to your required output, you can GROUP the fields using the FORMAT > settings.  Let me know if this takes you in the right direction, or even gets you close.  Or if you've tried this all before and I can remove the answer.

NOTE: the node will reference a specific TERM.  You can get access to that term's parent(s) tree etc, but bare in mind the relationships begin with the node->referenced TERM.