Here are eight steps to take when you study the Bible. They are a little repetitive but will REALLY help you dig into a specific passage. These are probably best if used with paragraphs or short chapters (Psalms also).
This list is modified from one I found at Lynn's Musings. While this list is designed for a personal Bible study, it would also work great for a group of 3-4 who are studying together, or even a larger group of 8-12.
1. Read it at least twice.
2. Ask Questions, and try to find the answers.
3. Outline it as concisely as possible.
4. Rewrite it in your own words.
5. Reduce it to ONE WORD.
6. Use your outline to rewrite the passage in a new paragraph.
7. Make a list of things you haven't seen before in this passage.
8. Write down one thing you want to do differently as a result of this.