> "en nú er eg vaknaður.
> `but I am now woken-up (surprise! surprise!).

Well, you never know: it might have all been a horrible dream...

> "Statt þú upp
> `Stand (you) up

'statt' is the simple (i.e. unsuffixed) singular imperative of 'standa'.

In pre-literarary times, there was tendency to devoice final 'd' to
't', and 'g' to 'k'. The resulting combinations 'nt' and 'nk' were
then affected by a tendency to assimilate a nasal to a following
voiceless stop, hence the sg. imperative 'statt (þú)' < *'stant' <
*'stand', and 'bitt (þú)' (beside the analogical 'bind (þú)'). See
Gordon §§ 73 and 77.

batt < *bant < *band (1st/3rd pret. of 'binda').
hratt < *hrant < *hrand (1st/3rd pret. of 'hrinda').

sprakk < *sprank < *sprang (1st/3rd pret. of 'springa').
stakk < *stank < *stang (1st/3rd pret. of 'stinga').
gekk < *genk < *geng (1st/3rd pret. of 'ganga').
hekk < *henk < *heng (1st/3rd pret. of 'hanga').