sverðit -- noun, neuter; nominative singular of <sverð> sword + definite article; nominative singular neuter of <inn> the -- the sword
gengr -- verb; 3rd singular present of <ganga> go, walk; advance; take place; extend; go on, last; turn out -- comes
ór -- preposition; <ór> out of, from; of; with the material of -- out of
slíðrunum -- noun, feminine; dative plural of <slíðrar, -ir> (pl.) sheath, scabbard + definite article; dative plural feminine of <inn> the -- the sheath