I've got a component for Joomla which I have to add an admin editable area to to be able to display custom html. This must be multi-lingual and my idea would be to display and article within the component to ensure that it's easily maintainable.

Wouldso would I actually do that without exterior plug ins? Or, exactly what is a better method of doing the work?

The easiest way, if you wish to avoid php-programming, is always to use Joom!Fish. By doing this you'll have full multi-lingual support.