Microsoft Translator team has announced a
translator widget for web pages at MIX09. This widget helps Web developers to let users translate their Web site into other languages without having to leave the page. Built on top of the Microsoft Translator AJAX API, which was also announced at the MIX09, is a small, customizable widget that you can place on your web page and it helps you instantly makes the page available in multiple languages.
At the moment, the team is also working on making the widget even more polished and customizable. They’re also adding new features like “Automatic” translations on page load, multiple layouts/views and other features.
Ive tried it on the demo site and I must say its extra-ordinarily fast ! 
Via:
LifeRocks.