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There are many apps out there that does it. One of them is Speak & Translate － Free Live Voice and Text Translator with Speech Recognition
See here --> http://itunes.apple.com/in/app/speak-translate-free-live/id804641004?mt=8
Open App Store on your iPhone. Search Speak & Translate app and download it. Then it will allow you to transfer from English to Italian and Vice Versa.
If you have any questions or would like any additional information, please don't hesitate to ask
Sorry I don't understand. Did you download the Speak and Translate app ?
On your iPhone, open App Store. Search Speak & Translate app and download it.
Once downloaded, open the app. You will see two flags icon at the bottom with some switches/buttons in the middle. Tap up and down arrow button and select Italian language. Now you will have English and Italian language
Make sure Mic switch is turned on that screen and not pencil. Then tap on American flag and speak. It will translate instantly.