I am basically done translating the interface into spanish from english. and it really was much easier than I expected. i used babelfish.com to help me with the translations that i had to do manually. the user can get spanish from the start if the account is setup that way or they can choose spanish or english from the language switcher drop down.
So that takes care of the interface. and that is a huge deal. but I really want to provide a relatively easy way to translate the huge amount of content that the site warehouses. So I am looking at The MS Translator Widget. It is a free javascript widget that should be easy to integrate with your site. When I figure out how to do it I will post the solution here.