I have talked about this book but doubt many people have a copy... there is a great entry on pronunciation which I will try to copy for everyone.
... page 266...
The Vowels:
Vowels can be long or short. In normalized texts, and sporadically in the manuscripts, long vowels are distinguished by an acute accent (´) except æ and œ, which are always long. A twelfth-century work, the so-called First Grammatical Treatise,1 gives a guide to their pronunciation. In the following table the approximate pronunciation of the Old Icelandic vowels and diphthongs is suggested by keywords and by symbols from the International Phonetic Alphabet.
a as in mann (G.) land (land) []
á " father láta (let) []
e " été (F.) gekk (went) []
é " reh (G.) lét (let, pa. t.) []
æ " thräne (G.) sær (sea) []
i " fini (F.) mikill (great) []
í " rire (F.) líta (look) []
o " repos (F.) sofa (sleep) []
ó " bote (G.) fló (flew) []
u " roux (F.) una (be content) []
ú " droop drúpa (droop) []
y " tu (F.) kyn (race) []
ý " pur (F.) kýll (bag) []
ö " not lönd (lands) []
ø " creux (F.) kømr (comes) []
au = ö + u lauss (loose) []
ei = e + i bein (bone) []
ey = e + y leysa (loosen) []
1. Ed. with translation by E.Haugen, Supplement to Language, Baltimore, 1950.