Auðun ventures off once again.

ok fór hann suðr síðan með Rúmferlum,

and travelled he south [afterwards] with Rome Pilgrims

and he went south to Rome with some Pilgrims

 ok skipaði konungr til um ferð hans, bað hann koma til sín, er kvæmi aptr.

and he arranged The King to his journey and bid [bade] him come to see him after. [when (he) came back]

and the King arranged all his travelling  and asked him to come back to him afterwards

Nú fór hann ferðar sinnar, unz hann kømr suðr í Rómaborg. 

now travelled he journey his, until he came [comes] South in RomeCity   (I think Borg is City-compound name)

Now he travelled his way until he came South to the city of Rome

Ok er hann hefir þar dvalizk, sem hann tíðir, þá ferr hann aptr; tekr þá sótt mikla;

And when he had [has] there stayed, as much as he desired then travelled [travels] he back

when he had stayed as long as he wished, he returned    (well there's a lot in Rome)

tekr þá sótt mikla; gørir hann þá ákafliga magran.

Taken [takes] there [then] an illness great became he [(it) makes him (acc)] exceedingly lean looking

He was taken exceedingly ill and lost a lot of weight (became thin)   I blame the drains (lack of)

Gengr þá upp alt féit þat er konungr hafði gefit honum til ferðarinnar;

Gone [goes] then up quite all (féit) [the money] that the King had given to him to the journey

He had used up all his wealth ( ?) that the King had given him for his journey

 tekr síðan upp stafkarls stíg, ok biðr sér matar. 

Taken [takes] up  after the way of a beggar and pleading [begs] for [himself] food

He took on the habit (clothing?) of  a beggar and begged for his food

 Hann er þá kollóttr ok heldr ósælligr.

He became [is] then bald and rather wretched

He went bald then and was very miserable