We have over 50,000 computer products e.g. servers, routers, laptops,
printers etc and their related technical sheets with complete product
specifications. We would like to translate them into popular european
languages (auto translators tools that we tried including google dont
work perfectly). We would like to know of tried and tested tools or
extremely other cost effective means of doing so without using a
service that charges $0.8 to $0.10 cents a word per language.

There really are only two choices.  The first is to use an
autotranslator and live with the fact that this will give an
inadequate result. The second is to hire a human being to do it
properly. The per word rate you cite, 8 to 10 cents per hour, works
out at an hourly rate somewhere in the range $20-50, assuming 250-500
words being translated per hour.  2000 words per day, ie 250/hour is
usually judged to be a reasonable output for a translator, although
some can produce double this amount if are very knowledgeable in the
subject matter and if the original text is well written. Therefore,
most translators will probably earn an hourly rate near the bottom of
the range given, ie $20-30 per hour. I do not think this is an
unreasonably high income for someone who has spent years of study
becoming fluent in one or more languages and also becoming familiar
with the technical vocabulary that would be required for your project.

Of course, you could try putting your text through an autotranslator
and then ask a translator to revise it at an agreed hourly rate. 
However, I personally find it is quicker to translate something from
scratch than to clean up the mess made by an autotranslator.

Thanks for the speedy response, we had reached that conlcusion as I
mentioned in my question i.e. autotranslators dont work and human
service is not viable financially for the budget of this project. So I
guess I am looking for that magical pill from someone which can solve
the problen and it seems that noone has seen that pill yet.

thanks for your response though, i will keep on waiting for someone
for the solution

Hey, how about outsourcing this work of translation? You can have guys
from India do this translation for you and they wont charge you much.
My guess is ~ US$600 per month per person wud be good enough.