Does anyone know if there is soft ware that will translate an oral conversation?

I am in need of software or even hardware that will translate French to English for the purpose of a meeting. It needs to be almost instant translation. We have a laptop and can get a microphone for it. We have a person who is part of a commitee, who does not speak French but all of our meetings are required to be help in French (part of our policies) Am I wishful thinking does something like this exisit??