While I was in Sweden I researched some interesting
camping trips. Turns out you can go via ferry from either Norway
(Bergen) or Denmark (Esbjerg) to Faeroerna and Iceland.

The trip takes two nights on the sea, one to Faeroerna, and one
from Faeroerna to Iceland plus of course the time you decide to stop
over.
I called several travel agents and ferry companies and prices were
quite reasonable. The cheapest was Smyrne line (+46-40-210050 (voice),
210059 (fax)).

Prices are $2-300/person and 150-200/car, the higher one is high
season (July to mid Sept) I think the VW westy will also have a 50%
extra charge for being higher than a normal car.

How those of us that are in the USA can do the first leg to
Iceland I don't know. Someone suggested a container shipping
line. Another one is to check the (irregular) cruise trips
accross the atlantic.

/Martin