I am brand new to this, and while I find all the above points to be fascinating, I cannot help but feel inadequate in my response seeing as how this is my first post of any kind.
I do feel that the Bible cannot be picked through like a dinner buffet, but that is must be taken as all truth, or ripped in half and thrown into the garbage. Obviously every reader in here has a faith in God whether it be conservative or liberal, and surely God being the creator of the Universe did not mess up when he had his book put together. Everyone in here has an objective mind to see things from many different views. That is what makes discussion so great. But since quoting scripture is such a usefull tool to gain understanding about Christian beliefs, then take a look at 2 Timothy 3:16 - "ALL scripture is given by inspiration of God, and is profitable for doctrine, for reproof, for correction, for instruction in righteousness, that the man of God may be complete, thoroughly equipped for every good work" (NKJV).
Take it all, or take none of it. If the Bible was written in the context of ancient times, and can only be applied in that context, then we have no use for it. I have a great book that deals with the context of these ancient cultures (hebrews, babylonians, etc.). The mystery of finding out the meanings of some of the perplexing verses is the figure out the context. That is part of the fun of it.