I like this chapter a lot. I'll write about it a bit, so whoever isn't interested in learning the psalms please - just move on :-)
First of all, it is quite difficult to study the deeper meaning of the psalms without knowing its background. According to the tradition the entire psalms were written down by King David, and are all filled with hints from God himself. Jews and Christians alike studied the psalms during the ages and today they are still considered a major element in both religions.
To those who can read Hebrew I'm posting here the chapter in it's original language. The original text is important especially because the translation to English has a great affect on the meaning of the text as a whole. I am also adding my personal (literal, word by word as much as I could while preserving the meaning) translation to English.
א שִׁיר הַמַּעֲלוֹת:
מִמַּעֲמַקִּים קְרָאתִיךָ יְהוָה.
ב אֲדֹנָי, שִׁמְעָה בְקוֹלִי:
תִּהְיֶינָה אָזְנֶיךָ, קַשֻּׁבוֹת-- לְקוֹל, תַּחֲנוּנָי.
a. Song of ascension.
From depths I called you, God.
b. God, hear my voice, may your ears be listening - to the voice of me begging.
ג אִם-עֲוֹoנוֹת תִּשְׁמָר-יָהּ-- אֲדֹנָי, מִי יַעֲמֹד.
ד כִּי-עִמְּךָ הַסְּלִיחָה-- לְמַעַן, תִּוָּרֵא.
c. If you will keep (our) sins God, who could stand (before you).
d. Indeed you have the forgiveness so that you will be feared.
ה קִוִּיתִי יְהוָה, קִוְּתָה נַפְשִׁי; וְלִדְבָרוֹ הוֹחָלְתִּי.
ו נַפְשִׁי לַאדֹנָי-- מִשֹּׁמְרִים לַבֹּקֶר, שֹׁמְרִים לַבֹּקֶר.
e. I hope, God, my soul longs and to his (God's) words I am expecting.
f. my soul longs to God, as sentries long for dawn, we act as sentries and long for dawn.
ז יַחֵל יִשְׂרָאֵל, אֶל-יְהוָה: כִּי-עִם-יְהוָה הַחֶסֶד; וְהַרְבֵּה עִמּוֹ פְדוּת.
ח וְהוּא, יִפְדֶּה אֶת-יִשְׂרָאֵל-- מִכֹּל, עֲוֹ נֹתָיו.
g. Israel, hope for God, because he is benevolent and can redeem in many ways.
h. And he will redeem Israel from all their sins.
This chapter is divided to four parts, each describes a major idea.
1. Before we begin, the word "Ascension" is linked to Jerusalem and specifically the temple. The first part asks god to hear ones prayer from the depths. The word מעמקים (depths) is not frequent in the Torah and can only be found in three other places: Isaiah 51, Ezekiel 27 and Psalms 69. In Isaiah and Ezekiel the word means literally "the depths of sea" while in psalms 69 the meaning is "save me God because the water line had reached my soul... ...save me from my enemies and from the depths of the sea", very much like a distress call from one who is about to disappear underwater and tries to grasp one last bit of air.
It is likely to consider that in our psalm the "depths" also mean a low position of the soul, one so bad that the person can't endure his position no more and he cries in despair.
What could lead to such desperation? Perhaps we could learn about it from the next part.
2. The word תשמור could mean both to remember and to keep. In our situation the second word is more likely because God obviously can't "forget" in terms we are used to but he can erase those sins and allow each and every one of us to start anew.
"Who could stand". The word "stand" has two meanings. One can say that "Who could stand" means that no one can exist before God without his forgiveness but another interpretation is that one can't stand because he can no longer feel the ground beneath him. It can be connected directly to the previous part, where the writer hinted that he felt like he was drowning.
Those "depths" are a metaphor to one's sins and low condition "who could stand before you", an understanding that while we are nothing but a small and insignificant part of the creation which is in turn part of God our soul still has a direct contact with him and we lung to get closer to him.
The next sentence however is a bit difficult to understand: "Indeed you have the forgiveness so that you will be feared." If people are forgiven they should fear the one who forgave them? Because He has an ability to forgive we should fear him?
My understanding of these words is that a person who is used to be forgiven all the time will get light-headed and won't be careful about his actions. He knows after all that he will be forgiven no matter what. In the Babylonian Talmud, Masechet Yoma it is written: "The one who says I'll sin and then repent, sin and then repent once again, - his repent will not be accepted."
But when a man repents not only by words but by actions because he realizes his position in this universe - then he "fears God" (honestly, I don't think that the word "fear" is a good translation of the word ירא. In Hebrew the words ירא שמיים mean exactly the "fear of God" but in a positive - loving way. Not like the word "fear" in English which is often related to mundane life and usually has a negative meaning.)
I can continue writing about the psalms but it gets really late here in Jerusalem. If you wish I could continue tomorrow.
Also, please forgive my poor English grammar. English is only my fourth language...