Hi,
Sorry but we don't have any mechanism for creating site content based on an existing site nor any automation process to assist you in creating translated content. We do have support for multiple sites in a single installation and specifying the culture that will be used for each site for resource strings so that you can make additional sites in an installation for different languages.
these related articles may help you:
http://www.mojoportal.com/localization.aspx
http://www.mojoportal.com/supporting-muliple-languages.aspx
http://www.mojoportal.com/translatingmojoportal.aspx
Hope it helps,
Joe