Have a look at Jarkko Hietaniemi's "Lingua::FI::Kontti - Finnish Pig Latin (kontinkieli)" and see if it inspires you. Otherwise, there are plenty of results (and an actual algorithm description) on Ooglegay.

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Allolex

Perl and Linguistics
http://world.std.com/~swmcd/steven/perl/linguistics.html
http://www.linuxjournal.com/article.php?sid=3394
http://www.wall.org/~larry/keynote/keynote.html
http://users.snowcrest.net/donnelly/piglatin.html