Haven't meet alot of vikings but it sure has a cool sound to it, it means wolf (or "varg" does but it is almost the same).
Varg is a sort of euphemism for wolf. The word originally meant slayer or strangler, and there is little chance that a Viking would use such a name. However, the real word (ulv) - even though it also means something not very nice - was used in names. One can find two wellknown examples, Hathuwolafr and Hariwolafr on the Stentoften-stone.
Normally, Vikings didn't have any surnames. If they needed a distinction they probably mentioned the person's home, like, Henrik in New York, or something like that