You could create a table that has three columns: target language code, original string, translated string. The index on the table would be on the first two columns, but I wouldn't bind this table to other tables with foreign keys. You'd need to add a join (possibly a left join to account for missing translations) for each of the terms you need to translate in each query you run. However, this will make all your queries very hairy and possibly kill performance as well.
Another thing you need to be aware of is actually translating the terms and maintaining an up-to-date translation table. This is very inconvenient to do directly against the database and is often done by non-technical people.
Usually when localizing an application you'd use something like gettext. The idea behind this suite of tools is to parse can parse source code to extract strings for translation and then create translation files from them. Since this suite has been around for a long time, there are a lot of different utilities based on it that help with the translation task, one of which is Poedit, a nice GUI editor for translating strings into different languages. It might be simpler to generate the unique list of terms as they appear in the database in a format gettext could parse, and do the translation in the application code. This way you'd be able to do the translation of the hard coded strings in the application and the database values using the same technique.