Is there any OOTB functionality which helps me to translate the webpage to different langaues? Example: I've a webpage in English, and I want the same page to be translated in Francais, German and so on.. Also Whenever I update the page in Reference site i.e. in English, the same content to be updated in translated page. Any suggestions would be more helpful.
CQ5 itself does not contain any translation engine or a translation memory. I know, that both Claytablet and translation.com offer functionality, so you can directly push any changes to them, translate it there and get back a translated version.
For Claytablet: http://www.clay-tablet.com/page.asp?intNodeID=778&intPageID=997
(Sadly I haven't found any authoritative source for translations.com)
But: automatic translation will not always yield the result you want...