The Research panel in both version 2003 and 2007 of MS Word includes an option to translate selected text or an entire document.

I find that this feature is more useful when you are trying to figure out what a foreign language document actually means rather than when you would like to express your thoughts in another language for those who do not speak English.

Go ahead and play around with the Translator and you will see what I mean.

Translate a few sentences from English to another language and then back to English.

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