The 4 most important questions
I think the 4 most important questions we can ask of any Bible passage are:
1. What did it mean for the original hearers? This forces us to put the text in context.
2. Where is this passage in the story of Salvation? Pointing forward (Old Testament). Unfolding (Gospels) or looking back (New Testament Letters). In short we need to keep growing in a Bible theology and understanding the plot line of the Bible. (See some other blog posts on this.)
3. How does it reveal God / Jesus?
4. How does it challenge me, the reader, to respond?
With these questions, pray. It is God's word. He gives us understanding by his Spirit.