Cucumis
Cucumis is a Paris-based online community for people who knows at least two languages. Actually it works this way - users with knowledge of two languages earn points by providing translation service in the language they know. Then they can trade the points if they want text to be translated in the 22 languages the site provides for. The service is totally free.

I am not sure if this is going to be a hit community unless there are some linguists who want to get some visibility. This is due to the fact that there countless number of free translation services available on the net like Babel Fish.

However, I can see that if the site continues to hold on, in the coming days this can be used as a language teaching and learning community than a mere translation service.

News: Techcrunch