The dwarves, Bilbo Baggins, and Gandalf continue their journey to Lonely Mountain and come to the edge of the Wild. Gandalf suggests they try to get to the Last Homely House west of the mountains—a perilous journey through ravines on narrow, slippery paths.
Finally they make it into the secret valley of Rivendell. As they come down into the valley, their hearts are lightened, and soon they hear the singing of elves. The songs seem a bit nonsensical, but the narrator warns that it's wrong to think of the elves as foolish. The elves appear to know a lot about Bilbo, and he wants to accept their invitation for supper. The dwarves, however, want to get to their destination.
While the chapter title certainly implies only a brief stop, the group actually stays at the Last Homely House for two weeks. The master of the house, Elrond, a noble, wise, and kind elf, welcomes them in and fills their bags with food and other provisions. He also is quite brilliant in reading runes; he discovers that the swords the dwarves took from the trolls are very old and made for the goblin wars. Elrond also discovers the moon letters that are on the back of the map. He tells the dwarves that there is an important clue in the New Year's Eve sunset: it will light the keyhole to the dragon's lair. Feeling rested after their two-week stay, they are off in search of their next adventure.
This is not my work, all credit for the audio goes to @Bluefax