Licensing – Selling Applications Under GNU Affero General Public License (AGPL)

The text of the license specifically covers translations, so no, you wouldn't be able to relicense it.

The "Program", below, refers to any such program or work, and a "work based on the Program" means either the Program or any derivative work under copyright law: that is to say, a work containing the Program or a portion of it, either verbatim or with modifications and/or translated into another language.

You should read carefully terms 2 and 3 of the GPL v2 as they directly relate to your question. You should also consult with a lawyer (IANAL).

It is unclear in your question how your program relates to hobocopy.exe. There are three possibilities:

1. If your software does not include hobocopy.exe and the users must download/install it from somewhere to use your program, then your program does not need to be licenced as GPL and you do not have to distribute the sources of your program or those of hobocopy.exe.
2. If your software does include hobocopy.exe as a clearly separated component that your code uses as an external program (e.g. in Java, Runtime.getRuntime().exec(params)), then your program does not need to be licenced as GPL and you do not have to distribute the sources of your program, but you must distribute the sources of hobocopy.exe (if you distribute GPL software you must distribute the sources too).
3. If your software merges somehow with hobocopy.exe, even just creating a wrapper around it, in a way that the separation is not clear or they cannot "reasonably [be] considered independent and separate works in themselves", then your program can be considered a derived work and therefore must be licenced as GPL, and you must distribute the source code of your program and of HoboCopy. You can still charge for it, though, and "sell it like a normal program". The GPL does not prevent you from charging for the software, it only prevents you from distributing the binaries without the sources.