"Skál sjálfur, gaman að sjá annan Íslending hér á bæ skál í brennivín og bita af hákarli , þeim vinum mínum hér líkar ekki hákarlinn and brennivínið þamba þeir eins og bjór."
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"Cheers yourself, it's fun to see another Icelander here to bid cheers in brennivín and a bite of rotten shark, my friends here don't like rotten shark but they swig brennivín like beer."
(I might be really off-base, because I have no idea how to decline nouns or conjugate verbs, so I had trouble recognizing some words.)
Personally, I'm more partial to fried slices of leftover blóðmör, hot flatkökur with kæfa on it, or kjötsúpa; basically the stuff I eat when I'm at my grandmother's flat, or my aunt's farm. It seems like foods and holidays are the only things I recognize.
BTW - What's the name of the white five-layer-cake with rhubarb jam, or the brown one with icing between thin sheets of crumbly, buttery sweet dough?