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It is simple to enable, just add the languages you want in Oracle Applications Manager from System Administrator in License Manager->Languages. Then Maintain Multi-Lingual Tables from adadmin and apply the NLS patches for each language for the base release plus maintenance pack you are on, or request Translation Synchronization patches for each language based on the American English patches you have.
Oracle Applications NLS Release Notes Release 12 (Doc ID 405294.1)
How To Add A New Language In R12 (Doc ID 1511692.1)
Oracle E-Business Suite NLS Release Notes, Release 12.2 (Doc ID 1314621.1)
R11i / R12 : Requesting Translation Synchronization Patches (Doc ID 252422.1)
The pros are your users can work in Oracle EBS in their local languages if they want. The cons are you will add about 5-7GB of space to your $APPL_TOP for each language. Each time you apply any future patches, you will aslo need to download the NLS language translation patch for each one-off.
I am not aware of any impacts to the existing English install other than the space issues mentioned above.