"Therefore, as God's chosen people, holy and dearly loved, clothe yourselves with compassion, kindness, humility, gentleness and patience. Bear with each other and forgive whatever grievances you may have against one another. Forgive as the Lord forgave you. And over all these virtues put on love, which binds them all together in perfect unity." NIV translation
Now, Paul gives us a list of things that make up our new outfit in Christ. We see that there is seven qualities on the list and are reminded that, throughout the Bible, the number seven is associated with being complete. The entire list has to do with the way that we treat others and the good news is that we do not have to put them on ourselves. God gives them to us and clothes us in these things through His Spirit. The foundation of the list is love and that is the reason we put on the new clothes. We love others because we love Jesus. That is talking about a sacrificial love where we put others ahead of our own wants and needs. That is what Jesus did and we want to be like Him.
"Let the peace of Christ rule in your hearts, since as members of one body you were called to peace. And be thankful." NIV translation
Jesus, the Prince of Peace, is to rule our hearts and this speaks of unity within the body of believers. We may have differences as to matters of faith but we share the same foundation which is Jesus Christ.
"Let the word of Christ dwell in you richly as you teach and admonish one another with all wisdom, and as you sing psalms, hymns and spiritual songs with gratitude in your hearts to God." NIV translation
This verse shows us how we are to worship God individually as well as in a group of believers. It begins with the very word of God dwelling in us but it is more as "richly" speaks to the fact that it is not only in our heads but is also in our hearts and changing us to be more like Jesus. We also sing praise to God for what He has done for us. Worship is done out of "gratitude" and not as a duty where it is showing up to a "church" on one day and putting in your time. When we put on the new clothes of a Christian, worship will be natural and heartfelt instead of a duty.
"And whatever you do, whether in word or deed, do it all in the name of the Lord Jesus, giving thanks to God the Father through him." NIV translation
As Christians (followers of Jesus Christ), everything that we say and do is to be done in His name. When you do something in another's name, it means that your are doing it for them and with their authority. A part of our worship is serving the Father in the name of Jesus. That is how we demonstrate our love (thanks) for Him.