Oddly enough, fish isn't difficult. Meat, however, is. I can send family in the states dried and canned fish products, but customs will confiscate meat products - much to the disappointment of my brother, who would like to try reindeer sausage.
IIRC, it has more to do with possible disease spreading between continents than anything, though I do think they are a bit ridiculous with their total ban.
I certainly haven't tried it myself, but um.. I think that customs usually misses it if you're ever entering the states from Iceland and innocently miss it from your declarations.
I brought a bag of it back through Boston IIRC, about 15 years ago. It wasn't a problem and I'm sure they could smell it through the two layers of plastic bags and my backpack. Had a lot of fun with my hardfiskur - I had to keep it in a big glass jar so the housemates wouldn't be too grossed out by it, but it was a great treat every now and then with a bit of butter as discussed elsewhere.
But, perhaps the customs person just took pity on younger-and-dumber me, who had been out on the town in Reykjavik for about two days, trying to keep up with an Icelandic friend showing off the night life there...