Does Drupal 7 Entity Translation Translate?
You need to edit your fields and make them translatable.

EDIT:

Ah, misunderstanding. Entity translations provides a user interface that allows you to translate entities. It doesn't translate itself.

What you are looking for in that case is Translation Management Tools*. It integrates with content translation, entity translation and more and allows to send text to a translator and save the translation in the correct place. There is a large list of supported translators, including a simple export/import, translation agencies, a local translator and Microsoft Translator, which is a machine translator and probably what you are looking for.

It's goal is to facilitate the management of a multilingual site with overviews, bulk operations, configurable review processes and a flexible, extendable architecture. It is, however, a new and large project, currently only available as an alpha and not every subsystem is finished. Notably, Microsoft Translator is currently broken because they changed their API, see http://drupal.org/node/1574516.

*Disclaimer: I am the maintainer of that project.