Wicked often have a Spanish language track on their feature DVDs, but I don't know if that's what you're getting at?

Also, aiming porn at illegal immigrants just sounds like bad business to me...I have a feeling the films would be hard pirated (i.e. physical copies with sleeves/cases) and sold for cents amongst that audience/demographic.

Perhaps setting up a Latin American arm of an existing company might be the way to go? However, outside of Brazil (who speak Portugese and thus are of little use in targetting the Spanish speaking audience), I'm not so sure of the legality...look at Fred Salaff for a sobering example. Colombia has many beautiful girls, but the murder rate is somewhat off-putting.

I just tend to think that if what you are proposing was viable, Vivid would have already done it by now. Also, don't forget that most people don't want to press 1 for English.