I am going to give it a try. Don't laugh because I am doing this off
the top of my head without a dictionary.
_______________________
Ok nú fara þeir útan heðan, ok fersk þeim vel,
And now they went out hence and ____ them well
ok var Auðun of vetrinn eptir með Þóri stýrimanni;
and Audin went out of the way together with Thori ______man
hann átti bú á Moeri.
his father Mori dwelt with him.
Ok um sumarit eptir fara þeir út til Groenlands,
And went about after about them out to Greenland,
ok eru þar of vetrinn.
and ___ there on the way.
Þess er við getit,
There he went with
at Auðun kaupir þar bjarndýri eitt,
to Audin to buy one beedrink, or to buy Audin some mead.
gørsimi mikla,
______ much (or greater)
ok gaf fyrir alla eigu sína.
and gave for him one
Ok nú of sumarit eptir fara þeir aptr til Nóregs, ok verða vel
reiðfara.
and now they traveled after them to Norway, and were well traveled.
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I guess this would be phase one which took 3 minutes. I would then
have to get a dictionary to look up the other words and then make a
more fluid translation while trying to be as true or literal as I
could to the original text.