Visual Studio 2005 has many improvements over the previous versions, one of which is the new resource editor.  They say that Microsoft gets it right the third time, and in this case I must say that I agree.

The fastest way to access the resource editor is to right-click your project in the Solution Explorer and select properties.  Then, select the Resources tab. 

The resource editor allows you to manage resources of a variety of types including strings, images, icons, audio, files and other.

To create a resource file to support additional languages, select the Project menu, and select Add New Item.  Click on the resource file template, and give it a name that reflects the supported language for example resources.fr-FR.resx where fr is the language, and FR is the country.

To access a resource from your application at design time, use the My.Resources namespace.

Here's an example of how you could assign the current form's caption to a string in a resource file:

Me.Text = My.Resources.stringFormCaption

Here's an example of how you could change the culture of the current thread to France French:

'Store the current culture in a string object

Dim culture As String = My.Application.UICulture.Name

My.Application.ChangeUICulture("fr-FR")

Localize()