Honestly, if I was starting "fresh", I'd probably go PILLAGE the Hungarian market (it's the only other language I speak).

So in your case, yup... bring in a couple of entry level workers and get busy on everything... a larger "IM" and "JVs" blog, a forum, maybe a mini social network... outsource the development of some entry level products... built up a Spanish speaking affiliate base. etc etc.

Spanish market though is relatively active from what I hear. Out of the "non English" languages, there are plenty of products, searches, communities etc for Spanish. Same with German for example.

Of course, there's LOADS of opportunity still but it's not quite "dead".