Tony,
simple answer is yes, it was an annual event with much revelry during the evening caused by ale consumption. In 1979 we built a replica longboat, a smaller version to the one Dave refers to, named Odin's Raven, and she was sailed from Norway to the Isle of Man for the Millennium of Tynwald, the world's oldest continuous parliament (Iceland's is older but not continuous). The boats used these days are "fibre glass replica miniatures".
Odin's Raven is now lodged in the House of Mannanan Peel, a heritage centre. Indeed, I tried out for the crew, but failed. Then I was not as sea worthy as now.
We had a big Viking reenactment this year that coincided with our national day, Tynwald Day, when our parliament is held on the original viking site at St John's and all the year's Acts of Tynwald are promulgated in both English and Manx as required by our parliaments rules.
We also have annual viking boat races, where teams row replica viking boats out and around a course in Peel Bay, raising much money for charities. There is also a Long House in Peel and a viking group. A recent DNA study indicated that as many as 25% of the current Manx population have Viking [Norse] genetic groupings.
As Dave says, the replica ship is here in the Island now, in fact, she came this way down from the Clyde when her mast was still damaged, and it was not the Manx that had "borrowed" the mast as suggested.
Kim.
Just managed to upload this image.

Edited By Kimosubby Shipyards on 06/08/2014 16:11:33