This is a fun verse to work with. I have included here an older Hebrew text along with the 1917 JPS translation. I'd like to discuss this verse; pay particular attention to the Hebrew words used. DO NOT rely on the english translation here, nor the NIV (which is usually good on these things).
Psalms Chapter 82
God standeth in the congregation of God; in the midst of the judges He judgeth:
all the foundations of the earth are moved.
Psalms Chapter 82
א מִזְמוֹר, לְאָסָף:
אֱלֹהִים, נִצָּב בַּעֲדַת-אֵל; בְּקֶרֶב אֱלֹהִים יִשְׁפֹּט.
1 A Psalm of Asaph. {N}אֱלֹהִים, נִצָּב בַּעֲדַת-אֵל; בְּקֶרֶב אֱלֹהִים יִשְׁפֹּט.
God standeth in the congregation of God; in the midst of the judges He judgeth:
ב עַד-מָתַי תִּשְׁפְּטוּ-עָוֶל; וּפְנֵי רְשָׁעִים, תִּשְׂאוּ-סֶלָה.
2 'How long will ye judge unjustly, and respect the persons of the wicked? Selahג שִׁפְטוּ-דַל וְיָתוֹם; עָנִי וָרָשׁ הַצְדִּיקוּ.
3 Judge the poor and fatherless; do justice to the afflicted and destitute.ד פַּלְּטוּ-דַל וְאֶבְיוֹן; מִיַּד רְשָׁעִים הַצִּילוּ.
4 Rescue the poor and needy; deliver them out of the hand of the wicked.ה לֹא יָדְעוּ, וְלֹא יָבִינוּ-- בַּחֲשֵׁכָה יִתְהַלָּכוּ;
יִמּוֹטוּ, כָּל-מוֹסְדֵי אָרֶץ.
5 They know not, neither do they understand; they go about in darkness; {N}יִמּוֹטוּ, כָּל-מוֹסְדֵי אָרֶץ.
all the foundations of the earth are moved.
ו אֲנִי-אָמַרְתִּי, אֱלֹהִים אַתֶּם; וּבְנֵי עֶלְיוֹן כֻּלְּכֶם.
6 I said: Ye are godlike beings, and all of you sons of the Most High.ז אָכֵן, כְּאָדָם תְּמוּתוּן; וּכְאַחַד הַשָּׂרִים תִּפֹּלוּ.
7 Nevertheless ye shall die like men, and fall like one of the princes.'ח קוּמָה אֱלֹהִים, שָׁפְטָה הָאָרֶץ: כִּי-אַתָּה תִנְחַל, בְּכָל-הַגּוֹיִם.
8 Arise, O God, judge the earth; for Thou shalt possess all nations. {P}