Robin Good: By leveraging the Google Translator Toolkit, YouTube has made it now extremely easy for anyone to generate caption text for any video and to then translate it in any of the 300 world languages supported by YouTube.
Here's how to do it: "You’ll first need a caption track for your video, so if you don’t yet have one you can learn how to make one here. Select “Request translation” in the YouTube Video Manager, choose the languages you’d like to translate into, and click “Next.”
We’ll create caption translation documents that you can now invite anyone to help translate, or you can translate yourself. To translate the captions yourself, select the language, and it’ll open up the caption translation document in the Google Translator Toolkit editor to help your translate faster."
"For several languages we’ll provide first draft of the translation using Google’s machine translation technology. We’ll also provide preview of what the translated caption looks like on the video so you can make sure the translated captions fit.
Click “Publish to YouTube” when you’re finished, and we’ll publish the translated caption back to your YouTube video. If you’re not the video owner, we’ll notify the owner via email that there’s a pending translation waiting to be approved and published."
Check this short video: http://youtu.be/z4tj423M7b0
Via Robin Good, Jimun Gimm, Mithuhassan