Here’s my translation

Alan

Herrauðr svarar: "Lítill mannskaði var at Sjóð. 
Herrauðr answers: Little (insignificant) was (the) loss-of-life with-respect-to Sjóðr.

Veit ek ok eigi, hvárt hann var minn bróðir eða eigi, þó at þú heldir mikit til hans, ok þykkir mér þú eigi virða mik mikils, at þú vilt eigi taka sættir fyrir mínar bænir, en ek þykkjumst þá bjóða betra mann í stað Sjóðs í þá þjónustu, sem hann hafði."
I also know not, whether he was my brother or not, even though you held much to him (ie held him in high regard), and you seem to me not to value me greatly, (in) that you want not to accept settlements in-spite-of (fyrir, Z13) my entreaties, but (and) I bethink-myself then to offer a better person (man) in place of Sjóðr into that service, which he had.”

Þá mælti konungr reiðr mjök: "Allt þitt formæli, sem þú veitir Bósa, skal mikit spilla til, ok þegar ek get honum nát, skal hann uppi hanga miklu hæra en menn viti dæmi til, at nokkurr þjófr hafi svá hátt hangit."
Then spoke a very angry (adj) king: “All your pleading, when you stand by (veia, Z2) Bósi, shall spoil much (ie be hugely damaging), and as-soon-as (þegar = þegar sem, Z2) I am-able to get him, he shall hang much higher (compar of hár) up than people (men) would-proclaim (doema) knowledge (vit, Z2) to (it), that any thief has (ever before) hanged so high.”

Þá svarar Herrauðr reiðr mjök: "Þat munu margir mæla, at þér kunnið eigi sóma yðvarn at þiggja. 
Then a very angry Herrauðr answers: “Many (people) will say that, that you are-not-able (kunna + inf, Z10) to accept your honour (sómi). (whatever that means!)

Nú með því, at þú vilt mik einskis virða, þá máttu til þess ætla, at eitt skal yfir okkr Bósa ganga, ok skal ek svá verja hann sem sjálfan mik ok mér endist líf til ok karlmennska, ok munu þat þó margir mæla, at nógu dýrt muni þá keyptr einn ambáttarsonr, ef þér gefið oss við."
Now with that, that (ie because) you want to make nothing of me (lit: value me at nothing), then you-can intend that, that (the) one (fate) shall befall (lit: go over) us-two, Bósi (and me), and I shall defend him just like myself and-yet (ok, Z3) life and manhood should-come to an end for me, and many (people) will nevertheless speak that, that a certain son-of-a-bondwoman will (be) purchased sufficiently dearly, if you give us (accusative) (ie our lives) in payment for (the-bondwoman’s-son) (gefa e-t við e-u, Z7).

Snýr Herrauðr þá í burt reiðr mjök ok létti eigi fyrr en hann fann Bósa ok sagði honum, hversu þeir feðgar höfðu skilit.
Herrauðr then turns (goes) away very angry and stopped not before he met Bósi and said to him, how they, father-and-son had parted-company.

5. Busla tók konung til bænar.
5. Busla took (the) king to a petition (boen = bón).(Busla petitions the king?)

Hringr konungr lætr nú blása saman liði sínu ok ferr til móts við þá fóstbræðr, ok sló þar þegar í bardaga með þeim, ok hafði konungr lið hálfu meira eða þrjú slík. 
King Hringr causes now to blow together (ie assemble) his troops and journeys to a meeting with those foster-brothers, and (it) came there at-once into a fight, and (the) king had far more or (even) three such (more?) troops

Þeir Herrauðr ok Bósi gengu vel fram ok drápu margan mann, en þó urðu þeir ofrliði bornir ok váru teknir ok settir í fjötra ok kastat í myrkvastofu, en konungr var svá reiðr, at hann vildi þegar láta drepa þá, en Herrauðr var svá vinsæll, at allir mæltu hann undan, ok var þá fyrst skipt herfangi ok grafnir inir dauðu. 
They Herrauðr and Bósi went forward well (ie bravely) and killed many a person (man), but (and) nevertheless they became born by overwhelming-force (ie they were overwhelmed) and were taken (captured) and set in fetters and cast into a dungeon (dark-room), but (and) (the) king was so angry, that he wanted at-once to cause to kill them but (and) Herrauðr was so popular, that all spoke him away (pleaded for his release, for him to be forgiven?), and then (the) booty was first divided and the dead buried.

Váru margir menn á dagþingan við konung, at hann skyldi taka sættir af Herrauð, ok var hann leiddr fyrir konung.
Many people (men) were at (the) negotiation (lit: day-debate) with (the) king, that he should accept settlements from Herrauðr, and he was led before (the) king.