Speech to Speech Translator This was one of Ray Kurzweil's predictions that we could translate speech from one language to another. He thought it would be over the telephone but IBM is doing it on laptop computers and it is being used by troops in Iraq to translate between English and Arabic.
IBM researchers ‘MASTOR’ speech recognition - podcast

Here's a video podcast from ABC News demonstrating the MASTOR. They say it will be commercially available in about three years. Very impressive technology.
Ahead of the Curve Language Barriers Be Gone  ¶ 1:21 PM