Theres a website, which able to provide a way to translate any streaming videos. As an example, this site can translate a Youtube’s videos. Copy the video’s url link, paste in the website. The website has a tools to translate it in fun way. As an example, you can see the translation in action in Khan Academy site’s (www.khanacademy.org).
In the left bottom of videos, you can see the title “Universal Subtitles”. Yep, the site which provide the tools to translate it is Universal Subtitles (www.universalsubtitles.org). It’s kinda community project, such Wikipedia. Every people can contribute to make a translation and give some correction.
This is my sample work. I translate a video from Youtube, a song video performing Rage Aganst the Machine singing Wake Up. Because I don’t upload the video by my self, there’s a possibilty that the uploader remove it. But until now, the video still available and you can see the subtitle bellow the video.