rmcqwn, Yes, "espera que...." would translate to "hope that....." "espero que pueda ir conmigo." I hope that you can go with me." Also note that there are two idiomatic expressions that using esperar que..... "espero que si" which means "i hope so." and "espero que no" which means "I hope not."
rmcgwn - the verb "esperar" can be translated to mean "to hope for/to wait/to expect." The sentence context will determine which one applies. This verb can be a bit complicated so i found a website that explains it in detail. Go to "about.com" and in the about.com search box enter "using the verb esperar." It goes into great detail on the usage of this verb. I hope this helps some.