This is the 537th most frequent Icelandic word.
lag
The Icelandic word "lag" can mean "song," "layer," or "tune," depending on the context.
Here, 'lagið' refers to a musical song.
Lagið sem þú söngst var mjög fallegt.
The song you sang was very beautiful.
In this context, 'laga' means to repair or fix.
Við ætlum að laga hjólið á verkstæðinu.
We are going to fix the bicycle at the workshop.
Here, 'lag' signifies an opportunity or a deal.