I 'have' about ten words in Icelandic that are words I've carried around with me from the Norwegian I learned in Nebraska as a child. I know the words for bear, boat, fish, coffee, tea, morning, ship, night, thank you, and mother. Actually you can do fairly well with such a short list, but worry not. Iceland is the most literate country in the world. Literate in Icelandic, Danish and English. Many folks also speak German and can do fairly well in Norwegian as it shares ancient roots with Icelandic. Don't be concerned about going to Iceland and having a language problem.
As my appearance is very northern European, as a rule in Iceland I was often spoken to first in Norwegian, then they would try German and finally settle on English--all this in a transaction to get an ice cream for my husband and a cup of coffee for myself. Don't worry about having a language problem in Iceland. At the furthest end of the road or trail, signs were clear usually in several languages. Icelandic grammar is beyond me, but I carried on in my own way hanging nouns and verbs together in ways that likely were new and different. When you're happy in a place, it is remarkably easy to communicate.
Nearly every Icelandic home is connected to the Internet. Thousands of Icelanders have there own WEB sites-- in English. A newspaper, 'The Daily News From Iceland' is available over the Internet. It's fascinating, especially the weather reports. Daily News From Iceland.