I agree with Hexiii in that I don't see anything wrong with how you do it now...but I, too, would put each language in a separate subdirectory rather than scattering various versions around your main directory.
If you load each language on one page, you're going to force your visitors to download languages they don't need, plus the JavaScript files to hide/show the proper language...you're looking at adding a lot of overhead to the file. Some CMS systems handle multiple languages very well, by the way; something else to think about.
If you're really set on doing it your way, I'd set it up so each language has a subdirectory, translate only the text on the page, use server-side includes to include each translation in your main page, then write some JavaScript to hide/display the proper sections.