OmegaWiki and OmegaT
OmegaWiki is a dictionary that aims to have all words in all languages, translations, everything lexicologically. Much has been written about OW, you can find much of this in the Wiktionary category.
OmegaT is a free translation memory application written in Java. It is a tool intended for professional translators. It does not translate for you!
How OT can benefit from OW
The OmegaT tool has an internal glossary, this is used to help translate individual words and phrases. This glossary can be expanded and slowly but surely a big list is build up. These words in the glossary however could be built up by data from OmegaWiki. The OW can be built from these glossaries.
The proprietary competion of OmegaT has a built in dictionary, the inclusion of OW as a resource to OT users means that in time they will have access to an increasingly complete Free resource.
How OW can benefit from OT
When an OmegaT user wants to benefit from OW, he has to sign on to OW. The words in his glossary are then checked against OW, the words missing in OW are uploaded to OW and they will be known for their spelling and for a translation. The meaning of the word is unclear, there may be other translations of that word. So this word is a "stub"; it may need to be merged with an existing meanings. It may need derived forms, it may be a derived form of an existing word. It is a stub that needs work.
The translation in the mean time is now available to other users who will get indicated that it is an unverified addition. When three users have verified the information it can be assumed to be correct information.
By combining the strength of OW and OT we stand to gain a big community of professional people working on languages.