If your going to Iceland u might be able to say a few things but it doesnt explain the strange letters they use, the voice is very unclear, and you certainly couldnt have a conversation, phrases are very specific and you wouldnt know anything you were asked by a real person, just how to respond if you did manage to understand what another person said.
Etz1717 about Lingopal Icelandic - talking phrasebook, v1.3