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according to this site it means 'beautiful speech' or possibly 'beautiful ore' if it's a variation of Malmfrid.
http://www.nordicnames.de/flick_m/Malfrid.htm

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and this Old Norse dictionary backs up the meaning of the elements:
http://www.utexas.edu/cola/centers/lrc/eieol/norol-BF-X.html

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Other less reputable looking sites - Wikipedia, names az, seem to favour the beatiful ore derivation, but the first site I linked to looks like it knows it's stuff.