Move over Babelfish, here comes Windows Live Translator.
It’ll do text translation as well as web page translation. One cool feature is called ‘Bilingual Viewer‘ where the returned web page can be shown side by side with the original. Once in this view you can switch target language, enter new URLs and basically navigate in one side which will render in the other as well.
Click the thumbnail, it’ll take you to the side by side view with EN & DE.