A few months ago Google launched a new keyword tool specifically tailored to PPC. The tool allows advertisers to identify keywords that are NOT YET in their campaign and that could improve the ROI. It can be used by:

1 – inserting the website URL . In this case the tool returns a selection of keywords related to the content of the website and that are not already part of a PPC campaign.
2 – inserting a few phrases as ideas to find related keywords (however in this case the other Adwords keyword tool seems to give some more useful suggestions)

The Search Based keyword tool also provides data such as monthly average searches, estimated CPC, competition, ad/search share and the extract of the page from which a keyword suggestion derives. In addition, each keyword suggestion is also linked to Google Insights for trends. http://www.google.com/sktool/#

Despite the fact that anybody can use the tool, it seems to be most effective if one has an Adwords account. For instance, the number of suggestions returned is much higher if the advertisers has logged on with his account.
In terms of the its potentials for dealing with foreign languages/countries, the tool seems to work well ONLY for Adwords advertisers. In fact, one needs to sign in to be able to view all the filtering options and be able to target different languages and countries.

In general it seems a fairly good tool that Pay per click advertisers should at least try out to see if it can uncover any additional keyword opportunities that might have been overlooked and that could improve the campaing's performance.