Yes, I've read some of this too. According to some forms of Buddhism, individuals can accumulate "good karma" by refrainining from "sin" and doing good works; thereby attaining a higher plane of consciousness in the next life cycle. It is believed that the Buddha was able to attain enlightenment because of his striving toward spiritual purity throughout several past life times. Many Hindus believe the same regarding many of their spiritual sages and Yogis.
Some Buddhist beliefs teach that the exact timing of a person's death is karmically set a birth. Therefore, they teach that material striving is trivial, and that striving for spiritual purity in this lifetime is of utmost importance.
I have even read of idividuals of the Buddhist persuasion claim that Jesus himself made references to Karma and rebirth (i.e., his reference to Jesse returning as John the Baptist).
Some of this stuff is pretty far out there. It does makes for some fascinating reading though.