tinyMCE will allow you to make images, etc., but in fact, if you use rails for this material, I would (and would) use tinyMCE for text and then add paperclip to add images and videos (possibly swfupload, if the videos are large).
You can then create your template as needed and pull out material based on page.id or another identified one.
back to multilingual: you will want to simulate "my_cms_item", for example. news_item and 'my_cms_item_translation', for example. 'news_item_translation' and create 1-lot for them, so when the user creates news_item, they can choose to add additional translations depending on which language and system just detects and pulls, if available. You can force it to either hide the element or transform by default as needed.
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