Add Caption And Get Automatic Translation to YouTube Video
Once you added caption (substitle) to your videos on YouTube as shown in the below video (courtesy of Tinkernut.com) or read HERE! for more instructions. Your viewers can see the caption in their language.
YouTube just added the on-the-fly capability using Google translate to 30+ different languages.
You can see in the video below, originally has caption in Italian.
When in play mode, click on the menu button at bottom right corner, on the left of the red CC, click on the small pointing left arrow, select translate and select your language (e.g. English), now you can see the subtitles in English..
You can search for videos with captions by choosing "Type: Closed Captions" in YouTube Search. Click here for an example.
Videos with captions display this small logo at the bottom of the player: 
[Source YouTube Blog]
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