Download Word Lens, pay $4.99 for a language pack, point it at a sign and watch as it replaces every word with one in your native tongue. It doesn’t require an internet connection to do any lookup. Only Thing is it only works on iPhone 3GS, iPhone 4 and the latest iPod touch(for now) and It only translates to and from English and Spanish(for now).
@TatWza

Source: iTunes