I stumbled upon this Italian band as a result of an unrelated search: http://www.applepieband.com
. With the help of Google Translate, I discovered that this band has apparently been performing Rocky Horror as a live concert type show with translated lyrics in Italian. They have a few MP3s posted here ("Tutti nel Time Warp", "Dolce Transvestito", and "Tocca Toccami"):http://www.applepieband.com/apple%20pie/Musica.html
There's also a short video available from one of their shows, and a photo album for "Rocky il musical". I was then further intrigued by the fact that they had apparently produced a CD of their version of Rocky Horror in Italian, which was listed on the merchandise page:http://www.applepieband.com/apple%20pie/Buy.html
The CD title is "Non sognarlo puoi esserlo", which translates as "Don't dream it, be it" I think. It's a self-produced CD, recorded live. They are 10 Euros each plus shipping and have to be purchased directly from the band, through Giorgio Mondardini at <firstname.lastname@example.org>. If you're wanting to obtain a CD then by far the easiest way would be to have a friend in Italy take care of it for you. Otherwise, you'd have to arrange an international wire transfer in Euros which is... expensive. It probably wouldn't be worth it unless you were buying multiple CDs, since you'll be looking at around $75 just for bank fees. Giorgio is great with English though, so at least there's not much of a language barrier. Good luck!