News of the capture of Libyan leader Muammar Gaddafi has led to rejoicing in Libya which has gone through several months of armed conflict as the country apparently ended the 42-year strongman rule of Gaddafi.

BBC reported the capture of Gaddafi on Thursday. The final downfall of the dictator came after the National Transitional Council (NTC) took over Gaddafi's birth town, Sirte, where he was reportedly captured and wounded.

There are, however, unverified reports that Gaddafi has died from wounds sustained during the battle with the NTC forces.

The NTC said Gaddafi was wounded in both legs and was taken by an ambulance, although there is no photograph or video footage to confirm the incident.

"There are no Gaddafi forces any more.... We are now chasing his fighters whoa re trying to run away," Reuters quoted NTC Commander Col. Yunus al-Abdali.

The capture of Sirte came just days after another Gaddafi stronghold, Bani Walid, fell to NTC forces. NTC had hoisted the interim government's flag over the former compound where Gaddafi lived and started to bulldoze the compound's wall.

The capture of Gaddafi came a day after U.S. Secretary of State Hillary Clinton made an unannounced visit in Tripoli.

Gaddafi's family has previously fled to neighboring Algeria.

The Arab world is particularly monitoring the situation in the region since Yemen is in a similar political situation. Earlier this year, Egyptians also ousted from power President Hosni Mubarak.

"This is a great day for Libya whether he is dead or alive," the former Libyan ambassador to the UN told CNN.