993 B
Let the word of Christ live in you richly
Paul speaks of Christ's word as if it were a person capable of living inside other people. "Word of Christ" here is a metonym for the teachings of Christ. Alternate translation: "Be obedient to the instructions of Christ" or "Always trust Christ's promises" (See: rc://en/ta/man/jit/figs-metaphor and rc://en/ta/man/jit/figs-metonymy)
admonishing one another
"cautioning and encouraging one another"
singing psalms and hymns and spiritual songs
"singing all sorts of songs to praise God." Some interpreters believe that "psalms," "hymns," and "spiritual songs" all refer to different psalms in the book of Psalms.
psalms
These are probably songs from the Old Testament book of Psalms that Christians sang.
with thankfulness in your hearts
Here "hearts" is a metonym for people's minds or inner beings. Alternate translation: "with thankfulness in your minds" or "being thankful" (See: rc://en/ta/man/jit/figs-metonymy)