edit: the database should only be monitored by people and not some automatic translater since they tend to be VERY bad
I don't think this is enough. If you're going to translate single words, you need to have some idea of the context in which the word will be used.
For instance, consider the english word "row"
Does this mean
1. A line of things
2. An argument
3. To move a boat with oars
4. An uproar
5. Several things in succession ("they won four years in a row")
These are likely to have very different translations.
So instead, it might well be worth keeping a multi-language glossary, where you record the definition of a term and its translation in all the languages you care about, but I think you'll need a professional translator to get the translations right, and the "lookup" will always need to be manual.