For other versions see this node of the same title. Also, there is a module that implements pig latin (there is a module for practically everything ... practical or not :-):

    #!/usr/bin/perl -w
    use strict;
    use Text::Bastardize;
    $_ = "Hey don't it work fine";
    my $latin = Text::Bastardize->new();
    $latin->charge($_);
    print $latin->pig(),"\n";
[download]

That module performs other useful transformations like; rot13, censor, and k3wlt0k as well.