To avoid any potential trouble I will only be sharing links to programs that have their own official websites.
You can use google to easily find links to all the programs on this list.

JapeTrans (formerly RPG Maker Trans)"

This is a very useful tool developed and maintained by Habisain that drastically makes it easier to translate RPG Maker games. What the program does is pull all the dialog from the game and sort it inside txt files. As a translator, you only need to edit those txt files and translate the Japanese text. After you're done, you just simply use the same program to put the text back inside the game.

Official Link
JapeTrans

All Decrypter

All decrypter is a must have program to decrypt RPG Maker game archives. Without this tool, it would be very hard to make translations.

All Decrypter

DxaDecode

It's my favorite tool to use for extracting Wolf RPG game archives. Unfortunately, it doesn't come with GUI, so you'll have to use command prompt and type in commands yourself to decrypt files. Once you get the hang of it, it's very easy to use and the most important thing is that it does its job very good.

DxaDecode

Capture2Text

Program for capturing Japanese text directly from the screen. It's very useful when you want to translate something on screen that programs like ITH and Visual Novel Reader can't get to.

Official Link
Capture2Text

ITH

Interactive Text Hooker is one of my favorite text hookers for Wolf RPG games and RPG Maker games. Sadly, it's not being active developed further so it's a bit lacking compared to other programs that do the same thing.

DxaDecode

Locale Emulator

Amazing program that emulates Japanese locale on windows making games and programs display correctly Japanese characters. Right now it's the best program for this on the market and it's completely free.

Official Link
Locale Emulator

TA

Translation Aggregator is a program that at the same time automatically sends the Japanese text you hooked to websites like Google Translate to translate and then displays the translated text on your screen.

Translation Aggregator