Under this time constraint (1 day) it may or may not be doable depending on the size of the project - if its a few hundred lines of code then for sure. If its a serious project with several tens of thousands code lines, then likely no.
The first thing you need to know is what is this program supposed to do at all. If you have no idea what it does and how it does it, then analyzing the code will give you the answer but it will be a long and frustrating task. So my first suggestion would be to get yourself familiar with the outer workings of the software - what does it supposed to do and generally how it is supposed to do it. If you are doing it as part as your work then you should be able to get someone to walk you through using the program - even if its UI is in a foreign language (which I hope it doesn't, even if the code is written by a foreign language speaker).
Once you know what the software is attempting to do, then it should be fairly straight forward (even if lengthy and daunting) to rewrite all the comments in your own language for you to understand. I suggest doing so in a bottoms-up approach: its easier to understand the small and trivial things a program does, then to understand the top-level logic - and a lot of trivial things in order make up the logic of the software.
Only once you understand - to a large degree, anyway - the inner workings of the program you may write its functional spec and work on features.