I am not sure what you mean by doing this in Home Premium, but with a Ultimate CD. If you want to take advantage of the displaying menus, dialog boxes, Help topics, and other text in 35 different languages you will need to upgrade to Windows 7 Ultimate (where you are able to install a Multilingual User Interface Pack) - http://windows.microsoft.com/en-us/windows7/products/features/language-packs
However you can install a Language Interface Pack (LIP) in other editions of Windows 7 - http://windows.microsoft.com/en-US/windows7/Install-or-change-a-display-language
Hope this helps!
Microsoft Windows Outreach