Translate? I think not. You certainly can replace lines of text, but that's as good as it gets. Even then you have to know which lines of text you want to replace, their layer indices, the times at which they change etc.. there are soem scripts floating around for subtitles, maybe you can put one of them to use.
Sorry, I explain evil.
I was thinking of a script that automatically switch between two lines of text files *. txt (each with two different languages).