Here is a site that allows you to subtitle youtube videos. It works by attaching a wiki subtitle line, so that you (or anyone else) can subtitle a video in any language you know. There is a fun little demo that you can play with, without registering, that shows off its capabilities. Using dotsub.com is free – and allows a video to be translated into any language and to be assessible to the hearing-impaired! It does not look like it currently does automatic translation like the Universal Translator in Star Trek. 
Free Way to translate YouTube Videos
Filed under free, Sustaining Technologies, youtube
Another site that allows easily translating YouTube videos is http://www.transyoutube.com
When watching a video, you just change the URL from youtube.com to transyoutube.com and you’ll be able to edit the subtitle for that video.
hola deseo traducir esta video pero no lo he podido lograr me puedes ayudar gracias………
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not free i tried, lies