"In August, we added captions and subtitles to YouTube videos to help uploaders reach a wider audience.

While we've been working to offer captions in as many different languages as possible, there are often only a few translated versions available. To solve this problem, we added a new "auto translate" feature. Google Translate adds real-time machine translation to any caption tracks you upload. Now you can enjoy this video spoken in Italian, even if you don't understand Italian.

To get a translation for your preferred language, move the mouse over the bottom-right arrow, and then over the small triangle next to the CC (or subtitle) icon, to see the captions menu. Click on the "Translate..." button and then you will be given a choice of many different languages."

http://www.youtube.com/blog?entry=oqBeXa7v_aE

http://www.youtube.com/watch?v=Vx4_OjyPqag