The expression "In for a penny, in for a pound" means if something is worth doing then gamble or take a chance at it. You might as well go the whole way, commit and take all the risks, not just some....
It refers to a person who will go to great pains to save a few Pennies here and there, but think nothing of spending a large sum of money on something they do not need. 'Penny-wise and pound foolish'...
The phrase "Do you speak spanish?" is ¿Hablas español? and, just so you know, the "s" at the end and the "h" at the beginning of "hablas", are both silent. It's pronounced "A-blah". If you want to...