The following should do the trick:
Create a new package languagechooser.sty with the content:
\newcommand{\english}[1]{}
\newcommand{\german}[1]{}
\DeclareOption{english}{\renewcommand{\english}[1]{#1}}
\DeclareOption{german}{\renewcommand{\german}[1]{#1}}
\ProcessOptions
Now create your beamer presentation with the content provided for your favorite languages like this
\documentclass{beamer}
\usepackage[german]{languagechooser}
\begin{document}
\begin{frame}{\english{English title}\german{Deutscher Titel}}
\english{This ist some english content.}
\german{Dies ist ein deutscher Inhalt.}
\begin{description}
\item[\german{Hallo}\english{hello}] \german{Welt}\english{world}.
\end{description}
\end{frame}
\end{document}
By altering the option of your new package, TeX will consider only content in that language. However, it is a shame that you have to write everything twice (once for each language), but as long as there is no major improvement in automatic translations, I think this is unpreventable.
\newifto create a conditional compilation. For each frame, provide the contents in all languages (that you want), each must be sandwiched with conditional macro. Later, you can select which language you want to activate by turn on/off it from the preamble. – Click Me Sep 12 '12 at 12:04