If Word Lens is to be believed, we now live in the future where you simply point your iPhone camera at something and it translates it for you replacing the Spanish text, for example, with English right before your gobsmacked eyes.
It currently only supports 2 demo modes (backwards and erase) and two language packs (English to Spanish and Spanish to English) available as in-app purchases, currently on 50% off sale for $4.99. They admit it's not perfect; it can't handle handwriting or stylized fonts, and gives more gist than precise translation, but again -- camera based translation, future, gobsmacked. Even if it's only a tech demo, even if it only works for comedic effect,
[Free with in-app purchases - iTunes link]