With a bit of effort, probably! This is one thing that I did neglect, sorry. I will have a look at extracting all the text to variables in the JS files that you would be able to edit.
What English is there that you need to translate? You can take a look at the variables near the top of wmd.js, there are a couple bits you can change like imageDialogText. And all the toolbar buttons: boldButton.title, italicButton.title etc. I think that's it.