Lots of software in Market. Recently Japan developed one which works on Cell and converts words for tourists. India has developed one recently which translates 10 languages. But the ultimate is yet to come. Ultimate software according to me would be one which would do the translation realtime with minimal of lag and result into telephonic talks between people of various languages possible. Or face to face talk with the assistance of m/c's.
Come on scientists we are waiting for your cest works.