What we do, is to create two tables for each multilingual object.
E.g. the first table contains only language-neutral data (primary key, etc.) and the second table contains one record per language, containing the localized data plus the ISO code of the language.
In some cases we add a DefaultLanguage field, so that we can fall-back to that language if no localized data is available for a specified language.
Example:
Table "Product":
----------------
ID : int
<any other language-neutral fields>
Table "ProductTranslations"
---------------------------
ID : int (foreign key referencing the Product)
Language : varchar (e.g. "en-US", "de-CH")
IsDefault : bit
ProductDescription : nvarchar
<any other localized data>
With this approach, you can handle as many languages as needed (without having to add additional fields for each new language).
Update (2014-12-14): please have a look at this answer, for some additional information about the implementation used to load multilingual data into an application.