Ok, so it isn't really a new tool, but I noticed today that Google language tools has little buttons you can drag to your bookmark toolbar that will automatically translate a page for you.
So if you want to read tuttobiciweb, todociclismo, velo-club or other cycling news sites, it is now a little easier to get a bad translation.
The Google translation buttons are on this page: http://translate.google.com/translate_buttons?hl=en
They aren't really buttons, just bookmarked links that will take you from a page to a translation, but I find it makes it a bit easier to read things. I put them in a bookmark folder (in the bookmark toolbar) labeled "translate" and now it is just one click to translate a cycling report into a rough semblance of English.
More on the Flip
While I'm posting about translating non-English news sites, here are a few other tips that are helpful.
First, sadly, Google doesn't translate Dutch. However, if you want to read http://wieleruitslagen.be/ or Het Niewsblad or Sporza, remember that babelfish.altavista.com can translate Dutch to English.
Also, you will be very happy if you check your local library to see if they carry the Press Display database. This is a newspaper database that has images of international newspapers, so you can page through them on the screen. Some languages are translated, so once you figure out the interface, you can read the pink pages of La Gazzetta Dello Sport w/ a rough English translation.
For reading about cycling in English, I strongly suggest that anyone who hasn't already done this go to IHT.COM and type abt into the search box. Then click on 99 for the oldest articles and start reading Samuel Abt's cycling reporting, staring in July of 1991. Sam has published a couple of books of his articles, but many of them are available on the IHT's website. They are the best reporting on cycling available, IMHO.