Strange new words, eh? So how do you pronounce them?
Of course, you don't really need to pronounce them. If you're
comfortable with words as patterns on paper you can, pretty
much, stick with that.
If, however, you desire to learn pronunciation there are two
paths you can go by.
1. Modern Icelandic pronunciation. The pronunciation of Icelandic
has changed greatly since the 13th century whereas grammar, vocabulary
and spelling have remained fairly constant. If you want to learn Icelandic
as a living language you are well advised to study modern pronunciation.
2. Reconstructed pronunciation. Scholars have a pretty good idea
on how Icelandic was pronounced in times of yore. If you want to
study the language as an historical artifact you can try and get a grasp
at the reconstructed pronunciation. Óskar has written a fairly comprehensive
text detailing this reconstruction. I will post it.
I believe most English speaking ON scholars use the modern pronunciation.