This allows languages to be translated into one another that might not have been before (e.g. Korean to Armenian) but is a constantly evolving process and the primary way Google Translate collects data might prevent it from understanding some slang or dialects that are not as well published.
Recently, I discovered the Google Translate Toolkit which allows for collaboration on a text. Upload or type in a text, and share it like a Google Doc. Collaborators can work to translate the text and even selectively translate with Google and other online resources.
With so much information in English, taking a useful website, Wikipedia page, or tutorial and working with your students to convert it into another language would help make the world a little smaller. Students are already working to translate texts, why not crowdsource time to translate something that would help everyone else. Imagine how your students will benefit from working on an actual document off the web (and the prior discussion of which documents would be most useful) and helping others while better learning their language.
It's not often enough that technology is able to support the learning of languages and cultures, I hope you will find ways to use this free and easy service to create an exciting project while helping others around the world.