Index: wp-includes/post.php
===================================================================
--- wp-includes/post.php	(revision 21157)
+++ wp-includes/post.php	(working copy)
@@ -1222,6 +1222,7 @@
  * - parent_item_colon - This string isn't used on non-hierarchical types. In hierarchical ones the default is Parent Page:
  * - all_items - String for the submenu. Default is All Posts/All Pages
  * - menu_name - Default is the same as <code>name</code>
+ * - insert_into_post - String for the media uploader screen. Default is Insert Into Post (non-hier) or Insert Into Page (hier)
  *
  * Above, the first default value is for non-hierarchical post types (like posts) and the second one is for hierarchical post types (like pages).
  *
@@ -1242,7 +1243,8 @@
 		'not_found' => array( __('No posts found.'), __('No pages found.') ),
 		'not_found_in_trash' => array( __('No posts found in Trash.'), __('No pages found in Trash.') ),
 		'parent_item_colon' => array( null, __('Parent Page:') ),
-		'all_items' => array( __( 'All Posts' ), __( 'All Pages' ) )
+		'all_items' => array( __( 'All Posts' ), __( 'All Pages' ) ),
+		'insert_into_post' => array( __( 'Insert Into Post' ), __( 'Insert Into Page' ) ),
 	);
 	$nohier_vs_hier_defaults['menu_name'] = $nohier_vs_hier_defaults['name'];
 	return _get_custom_object_labels( $post_type_object, $nohier_vs_hier_defaults );
Index: wp-admin/includes/media.php
===================================================================
--- wp-admin/includes/media.php	(revision 21157)
+++ wp-admin/includes/media.php	(working copy)
@@ -1152,8 +1152,17 @@
 		'extra_rows' => array(),
 	);
 
-	if ( $send )
-		$send = get_submit_button( __( 'Insert into Post' ), 'button', "send[$attachment_id]", false );
+	if ( $send ) {
+		if ( isset( $_POST ) && isset( $_POST['attachment_id'] ) )
+			$parent_type = get_post_type( wp_get_post_parent_id( $_POST['attachment_id'] ) );
+		elseif ( isset( $_GET['post_id'] ) )
+			$parent_type = get_post_type( $_GET['post_id'] );
+		else
+			$parent_type = 'post';
+
+		$parent_type_obj = get_post_type_object( $parent_type );
+		$send = get_submit_button( $parent_type_obj->labels->insert_into_post, 'button', "send[$attachment_id]", false );
+	}
 	if ( $delete && current_user_can( 'delete_post', $attachment_id ) ) {
 		if ( !EMPTY_TRASH_DAYS ) {
 			$delete = "<a href='" . wp_nonce_url( "post.php?action=delete&amp;post=$attachment_id", 'delete-attachment_' . $attachment_id ) . "' id='del[$attachment_id]' class='delete'>" . __( 'Delete Permanently' ) . '</a>';
@@ -1929,6 +1938,13 @@
  * @return unknown
  */
 function wp_media_insert_url_form( $default_view = 'image' ) {
+	if( isset( $_GET['post_id'] ) )
+		$parent_type = get_post_type( $_GET['post_id'] );
+	else
+		$parent_type = 'post';
+
+	$parent_type_obj = get_post_type_object( $parent_type );
+
 	if ( !apply_filters( 'disable_captions', '' ) ) {
 		$caption = '
 		<tr class="image-only">
@@ -2009,13 +2025,13 @@
 		<tr class="image-only">
 			<td></td>
 			<td>
-				<input type="button" class="button" id="go_button" style="color:#bbb;" onclick="addExtImage.insert()" value="' . esc_attr__('Insert into Post') . '" />
+				<input type="button" class="button" id="go_button" style="color:#bbb;" onclick="addExtImage.insert()" value="' . esc_attr( $parent_type_obj->labels->insert_into_post ) . '" />
 			</td>
 		</tr>
 		<tr class="not-image">
 			<td></td>
 			<td>
-				' . get_submit_button( __( 'Insert into Post' ), 'button', 'insertonlybutton', false ) . '
+				' . get_submit_button( $parent_type_obj->labels->insert_into_post, 'button', 'insertonlybutton', false ) . '
 			</td>
 		</tr>
 	</tbody></table>