Upload & Sell: Off
We have been to Iceland this July. Our trip was from 30th June through July 5th. Our trip was focused on the western coast of Iceland. We spent a day in Reykjavik and then drove up the coast to the Western fjords. We rented a car (please note that rentals are very very expensive and automatic transmissions cost extra), a very small one (Hyundai i10) which ran almost $100 per day. This trip was with me, my wife and our two year old.
We drove up to Latrabjarg (the western most point of Europe) and then drove across to the east a bit and then back to Reykjavik. Iceland is such a beautiful country that there are opportunities everywhere. Around Reykjavik, there are day trips to the nearby waterfalls.
July is about the best time to visit, since you have sunlight almost 24 hours, which also is useful for driving, since there are very few paved roads. Since you are from Colorado, I am assuming that you are comfortable driving up and down roads which hug the edges of the fjords.
The people are amazingly friendly. And do not miss out on the natural hot water springs that are always around the corner.
Also, look for posts by Helenica (username) in this forum, who is in Iceland.
PM me if you need more details.