Ok urðu nú Þóri ljóð af munni:

And it now came to pass to Thori an extemporized stanza.  (not an exact match, but Z. has mæla af munni fram, to extemporize)

Þér verðr frami. Farðu,

You lose fame. (or "fame happens to you"? More likely the latter from the context) You go,

fljótr at hildar mótum,

swift to battle meeting,

Fjörgynjar frá ofbergi

Mother-earth's from (ofbergi? off the mountain?)

flotnum á byrgota.

we get afloat to (fence??).

Herteits harða snæra

Herteit's very (snow? twisted rope?)

ok hryðja þíns tugviðar

and your sudden snowstorm (tugviðar??)

fellir sæmána fjallit

death honor (?) the mountain

fólka á þóftu kjálkum.

battle at the wearisome struggle to jawbones (??)

Illvættum hefir hallat

ill-witness (? Z. has swayed to the wrong side

hreysti þín, börr ljóss Rínar.

Your valor, a warrior struck (?) Rinar.

Galta hels gin í veltir

Hog's collar mouth in one-who-makes-to-revolve  (C.V. veltir -- one who makes to revolve)

ok glópum þeim með hljópu.

and to fools them with helped.

Ágang mun eins víkingum

Assault will in-the-same-way to vikings

orka Hrani bana

Hrani is able to kill

bandgoðs í bráðum vindi

bandgoðs? (bind-god's???) in soon wind's

ok blik sjóðs fága mikit.

and  money-bag's gleam adorns much.

At svo mæltu hvarf Þórir, en Hrani vaknaði ok mundi vísurnar. 

And thus [having] spoke, Thorir disappeared, and/but Hrani woke up and remembered the verses. 

Segir hann nú Helga frá draumnum.

He now tells Helgi about the dreams.  

Helgi mælti: "Nógu er líkligt, at svo gangi þér í eftirtíð sem hann lét þik skilja í drauminum, ok mun láta föður þinn vita um þessi efni."

Helgi said: "It's likely enough, that it would so go you in the future as he had you understand in the dreams, and [you?] will cause your father to know about this subject."

Hrani kvaðst nú svo gera vilja, ok skildu þeir svo talit í þat sinn.

Hrani said for himself (that he) desires to do so, and they parted so (having) spoken at that time.