One simple method that (depending on the niche) pays itself back, is to have your site translated. This means more visitors, more leads, more backlinks, more income. Imagine for instance someone in France googling for a product (yours). Even if he uses a search string in English, google.fr will probably display links in French first, and there goes your competition! Why do I tell this? Well, because it's actually my job to translate websites into French and Dutch and I see the results daily!
Google translate is a possible but poor quality tool, but with a real translation your foreigne pages will be indexed by Google and thus generate more traffic.
There is no such thing as a BEST tool for translating. Not even an AVERAGE one. They will all result in 'funny' translations, and we really don't want this do we. The birth of a viable tool lays way ahead. Fortunately for us translators
You need to hire a translator, there is no other way. A bad translation will result in a lead that won't come again to your website. This is a wonderful idea, by the way. Thanks for sharing.
google translator or those translation software doesnt work well. if you visit a non-english site, and then use google translator to translate them to English, you will know how "bad" the translation
Then just go for it. It does mean some investment, but, depending on the site of course, this can mean a big big ROI.
This is a very smart way for someone to capitalize on already existing content, I'm just wondering if it is more cost effective than heaving brand new content created for your own site. I guess if you have some content that is performing extremely well, or you are simply trying to maximize the traffic to a product that you own personally it would be the best option. I bet there are people out there that use this method to rip off content from other sites as well. Find a site you like and simply translate the content and claim it for your own.