"Mál er komit at ferðast," segir Gnípa.
"The time has come to travel," says Gnipa.
"Ekki dvelr mik," segir Jökull.
"I do not delay," says Jokull.
Fara þau leið sína.
They go on their way.
Gengr Gnípa fyrir, en Jökull eftir.
Gnipa goes in front, and Jokull behind.
Verðr hon heldr greiðfara.
It happens she walks rather quickly.
Þau ganga inn með firðinum, þar til er hann þrýtr.
The go in along the firth, until he comes to an end.
Er þá langt af nóttu.
It's then long into the night.
Þá koma þau at hömrum stórum ok bröttum björgum.
Then they came to a large precipices and steep cliffs.
Hon víkr þar upp at, sem einstigit er, ok koma þau þá at helli stórum.
She goes up there to where the narrow path is, and they then come to a large cave.
Gnípa mælti: "Hér er hellirinn Skráms konungs.
Gnipa said: "Here is the cave of King Skram.
Hefir hann boðit hingat öllum jötnum ok flagðkonum, er í óbyggðum búa, ok munu þeir færa þik til heljar, er þeir sjá þik, hverju ek vilda ekki valdit hafa.
He has invited here all the giants and ogresses, who live in the wilderness, and they will send you to the afterlife (more literally, send you to death), if they see you, which I would not want to have caused.
Hér er gull eitt, er ek vil gefa þér.
Here is a gold ring, which I will give you.
Þar er í sá náttúrusteinn, ef þú dregr gullit upp á fingr þér, þá sér þik engi framar en þú vilt."
There is in that a stone possessing special virtues: if you put the ring on your finger (literally "draw the ring up on your finger"), then no one sees you (any) more than you wanted."
Jökull þakkar henni gjöfina, ok ganga þau síðan í hellinn.
Jokull thanks her for the gift, and they then go in the cave.
Jökull sá, at þar var tröllum skipat á báða bekki, ok heilsuðu allir Gnípu.
Jokull saw, that there trolls were divided in both benches, and all greeted Gnipa.
Skrámr bað hana ganga um beina þeira.
Skramr asked her to wait upon the guests. (Z. beini - ganga um beina, to wait upon the guests)
Hon kvað svá vera skyldu.
She said she it would be so.
Lét hon þá bera inn öl þat, sem áfengast var, en þeir slokuðu stórum, ok var drykkjan óstjórnlig, svá þeir urðu allskjótt drukknir.
She had brought in the beer, as was intoxicating (from "áfengr"?), and they greatly quenched (their thirst), and the drinking was disorderly, so they very soon became drunk.
Þá mátti heyra illyrði nóg ok árásir, einnig sjá margan hnefapústr ok hárrykkjur.
Then some abusive language and assaults could be heard, likewise fists-boxing-ears and (hárrykkjur?) seen.
Þetta þolir Jökull ekki, ok hleypr inn í þvöguna ok drepr hvern af öðrum ok hvern um þveran annan, ok er nú eigi traust um, at hverr kenndi öðrum þessi fádæmi ok undr, en engi sér Jökul.
Jokull doesn't bear this, and jumps in to the crowd and slays one after another and each against each other, and (there) is now no help concerning, that each attributed to another these remarkable things, but no one sees Jokull. (Z. af 1 - one after another, in succession)
Er nú næsta gangmikit í hellinum.
(There) is now the next much going (?) in the cave.
Rotslær hverr annan ok drepr um síðir, þar til allir váru fallnir, konur ok karlar, útan Skrámr ok sonr hans.
Each hits the other into senselessness and at last kills (the person, until all had fallen, women and guys, except for Skramr and his son. (similar to Z. rot - slá e-n í rot, to stun, render senseless by a blow)
Jökull gekk innar at Skrámi ok leggr sverðinu í gegnum hann, ok dettr hann þá fram á gólfit, svá þá varð dynkr mikill.
Jokull goes more in towards Skram and thrusts his sword through him, and he drops then down to the ground, so then there occurred a great noise.