Two or more languages

Hi
I’m kinda new to wordpress, and i haven’t actually switched to it yet. So far it looks really good. But i do have a question that i can’t find the answer too.

If i want to create a site in Swedish (something.se) and one in English (something.com).
About 90% same pages but with different languages then.

What would be the best way to approach this?
Two installs of wordpress?
Looked at WPhive. Don’t actually understand much there ??