# In the same way

This refers back to how Sarah and other godly women obeyed their husbands in 1 Peter 3:5 and 6.

# wives according to understanding, as with a weaker container, a woman

Peter speaks of women as if they were containers, as men are sometimes also spoken of. Alternate translation: "wives, understanding that the woman is the weaker partner” 

# give them honor as fellow heirs of the grace of life

"honor them because they will also receive by grace the eternal life that God gives"

# heirs of the grace of life

Eternal life is often spoken of as if it were something that people inherit.

# Do this

"Live with your wives in this way" 

# so that your prayers will not be hindered

"so that nothing will hinder your prayers" or "so that nothing will keep you from praying as you should"