localization of web application: What is the best way?

localization of web application. We are building a web-native intranet application in ColdFusion MX and SQL
Server 2000, but we want to provide localization capabilities to the users
(English, German, etc.).

What is the best way to store localized application information like the
field labels below (an example):

    in English:

    Name            :.........
    Last Name     :.........
    Age               :.........

    in German:

    Vorname        :........
    Nachname     :........
    Alter              :........

We want to use the same web pages for all users and depending on the
localization preferences of each user, he/she should see the respective
names, descriptions, etc. in his/her preferred language.

So, how can we store the localized labels in the most efficient way (e.g.
inside the database, in an external XML document, in a text file, in any
other way ...)?

Thanks in advance for any assistance

Regards,
Panagiotis