It's even more amusing if you go to http://translate.google.com/#la/en/ and start slowly entering Lorem ipsum by hand. Highlights:

  Lorem                                  
     → Product
  Lorem ip                               
     → We recall
  Lorem ips                              
     → IPS News
  Lorem ipsu                             
     → Dummy Item
  Lorem ipsum                            
     → Welcome
  Lorem ipsum do                         
     → We give
  Lorem ipsum dol                        
     → This mourning
  Lorem ipsum dolor                      
     → Welcome
  Lorem ipsum dolor s                    
     → The Pussycat Dolls
  Lorem ipsum dolor si                   
     → Contact if
  Lorem ipsum dolor sit ame              
     → Welcome Home
  Lorem ipsum dolor sit amet             
     → Product Manager
  Lorem ipsum dolor sit amet,            
     → This page is currently
  Lorem ipsum dolor sit amet, c          
     → This page is available
  Lorem ipsum dolor sit amet, consectetur
     → This page is half the battle
  Lorem ipsum dolor sit amet, consectetur adipisicing elit
     → This page is half the battle WIN!

The results are slightly different if you don't capitalize “Lorem”.

Edit: lipsum.com explains the source of the text; it is a slightly garbled fragment of a sentence from de Finibus Bonorum et Malorum by Cicero: “Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt ut labore et dolore magnam aliquam quaerat voluptatem” which translates as “Nor again is there anyone who loves or pursues or desires to obtain pain of itself, because it is pain, but because occasionally circumstances occur in which toil and pain can procure him some great pleasure.”