Well the way I would go about this is if you intend to have a single site (not subdomains per country) is to set a base currency and then use an extrafield so that a local currency can be entered. I would also provide a currency convertor on the site. If you think about it, sorting by price becomes an issue if you are trying to compare apples and oranges (multiple currencies).
The checkout system works in one currency. However, most payment providers will do the conversion for them so it is perhaps less of an issue than you may at first think. In general, most people are able to know what their local currency is worth in terms of dollars or euros.
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