Speaking of the New Testament, Wrights asks:
What then ought to be done with this strange and powerful little book?
It is, of course, open to anyone to do what he or she likes with this or any book. A volume of Shakespeare may be used to prop up a table leg, or it may be used as the basis for a philosophical theory. It is ot difficult, though, to see that using it as the foundation for dramatic productions of the plays themselves carries more authenticity thatn either of these.
There is a general appropriateness about using Shakespeare as a basis for staging plays which justifies itself without much more argument.
-N.T. Wright, The New Testament and the People of God, p.6
So you can study the bible. You can get a Ph.D. in studying the Bible. You can use a particulary heavy one (like the huge decorative tome my parents recieved as a wedding gift) to hold down crafts while the glue is drying. But the most appropriate thing to do is believe what Jesus says in it and live accordingly.