"Put to death, therefore, whatever belongs to your earthly nature: sexual immorality, impurity, lust, evil desires and greed, which is idolatry. Because of these, the wrath of God is coming." NIV translation
Since we died and are raised with Christ, we want to get rid of those things that are in our lives but don't shine His light. The question is: How do we do that? The answer is: Walk in the power of the Holy Spirit. This list of sins is just a short list representing all sin and is not meant to say that there are degrees of sin. In God's eyes, all sin is detestable and, because of that fact, His wrath (judgment) is coming. That wrath is for those whose sins are counted against them (those that reject Christ) and not for His children.
"You used to walk in these ways, in the life you once lived." NIV translation
Many of us can look at the list in verse 5 and say that we have not done those things but we are only fooling ourselves. We all have done these things and need to take off those filthy clothes. Generally speaking, we do not leave on a set of clothes that need laundered and just put a new suit on over them and that is true for our Christian lives and clothes as well.
"But now you must rid yourselves of all such things as these: anger, rage, malice, slander, and filthy language from your lips. Do not lie to each other, since you have taken off your old self with its practices and have put on the new self, which is being renewed in knowledge in the image of its Creator." NIV translation
Paul gives us another list of things that we must get out of our lives. The first list had to do with internal things while this has to do with our relationship to others and how we act toward them. We not only change on the inside when we come to Christ but we also change on the outside in the way we see and react to others. He reminds us that man was created in God's image (Genesis 1) and we are being restored to that in our daily walk here on the earth.
"Here there is no Greek or Jew, circumcised or uncircumcised, slave or free, but Christ is all, and is in all." NIV translation
Jesus is the great equalizer and, because of Him, we do not look at each other from the world's perspective. That is what Paul was saying, in 2 Corinthians 5:16.