Currently, no, I'm afraid.
Right now, the Kindle doesn't offer any sort of translating feature. As of now, you can't even change the default dictionary. I would think that to translate, the Kindle would first need to have the ability to hold multiple dictionaries, and then you could just look up the word from a french/english one. I am sure we'll see some sort of an update in the future though! Many users have complained about it and made their opinions known.
I read some Spanish texts myself and would love to see this feature as well!
