That's been the goal of many research groups for 50+ years. I can see Google releasing a service (API) for it within the next few years.
What would be the applications for real-time NLP and translation? I can't think of anything beyond being able to have the words appear on the screen faster or actions being preformed half of a second faster.
I think talking to someone on the phone in English to someone who doesn't speak English, but gets the message in his native tongue in real time would be super awesome (English speaker speaking to someone who hears Japanese and the Japanese speaker speaking back in Japanese but the English speaker hears English).
