The Next New Thing

With the wide spread of internet and technology today, almost nothing is impossible to create. All we need is great and interesting ideas. As New York City is a place of mix cultures, a variety of people with different cultures and languages can be found easily.
I have an idea to create a new kind of new media: a small device connected to the internet that can translate into many different languages. All people who speak different languages can carry it on the street, and they can understand to each other. The little device will translate automatically. It should have an option for the users to create a file for the conversations; and that file can be archive directly to their own computers or send to their social networking sites. After all, the main purpose of the device is translation among people who can't speak other languages. In addition, this device should be cheap and easy to access for users, just like the internet.
This is just a little idea, there's still room  to expand it and make it better. What do you think?