Here you'll find lots of links around the icelandic language. Plenty of stuff, collected over a long time trying to learn this language myself with online-resources... and you can probably find everything you ever needed for this... everything except practice.
LearningIcelandic Join member
Yahoo group mailinglist with more than 200 members. Official description: "LearningIcelandic is designed for people (especially beginners) learning the Icelandic language. Mutual encouragement is the primary aim of this group, which includes absolute beginners and those whose skills are fairly good. Hopefully members will share information and resources. There are several Icelanders on the list who kindly help out."
Yahoo group mailinglist. Official description: "In this group Icelandic grammar will be discussed with a view towards learning and/or improving writing skills in Icelandic. Grammar learned will also be applied to spoken Icelandic."