Valhalla
Valhalla, translated as "The Hall of the Slain" is located in Asgard, the realm of the Aesir, and is Odin's personal hall. Here Odin dwells with the Valkyries, and warriors who he has deemed fit to live with him. The fallen warriors whom Odin chooses are known as the Einherjar, and everyday they wake up in the moring, and fight eachother until they feast and fornicate at night. Their purpose is for Odin to have an army of powerful warriors at the end of the world; Ragnarok.
"Old Norse poems depict Valhalla as being thatched with shields and spears and guarded by wolves and eagles.[1][2][3] It’s a place of perpetual fighting, presumably with the intention of sharpening the skills of the warriors for their battle against Fenrir. After any scuffle in Valhalla, the warriors emerge healed to sit together around the hall’s table.[4]" (1)
By some modern heathens, Valhalla is THE PLACE to go after death, but in the modern age its importance has faltered to the common man. We do not die in battle as often as we used to during the Viking Age. During that time, Valhalla was one of the most important factors on how one lived their lives.
"Some writers speak of Valhalla as if it were a part of Asgard, but the Old Norse sources say no such thing. The closest thing to this notion that one can find in the sources comes from the Eddic poem Grímnismál, which states: “That land is hallowed/ Which I see lying/ Near gods and elves.”[5] The poem then lists many of the halls of the gods and offers terse descriptions of them, and Valhalla receives the most extensive consideration. But this “hallowed land” could be anywhere; it’s at least as likely, given the pantheistic and animistic character of pre-Christian Norse/Germanic religion, that this “hallowed land” refers to the cosmos as a whole rather than to Asgard alone. The Grímnismál, after all, goes on to describe much of the rest of the cosmos after describing the halls of the gods – and there’s no indication that the rest of the cosmos is any less a part of this “hallowed land.”
Where, then, is Valhalla located? The literary sources, as well as archaeological and place-name evidence, powerfully suggest that it’s part of the underworld, and hardly distinguishable from Helheim, the most general designation for the underworld." (1)
Sources:
1: http://norse-mythology.org/cosmology/valhalla/
2: http://theasatrucommunity.wordpress.com/2012/08/28/todays-valhalla/