Emacs transliteration?

Is there some way to get transliteration to work in Emacs, sort of like it does in Gmail now? I am particularly interested in getting it to work in Cyrillic.

For reference, Gmail does something like the following: I can type svoboda and it will output свобода. This allo开发者_Python百科ws somebody like me who speaks Russian but cannot type to easily input Cyrillic characters. In Gmail this works with other languages, but I am only really worried about Cyrillic.

I think this will do it:

M-x set-input-method cyrillic-translit