This initial episode answers the question right from Psalm 119:5-6, which I believe summarizes the main theme of the entire psalm. "Oh that my ways may be established to keep your statutes! Then I will not be ashamed when I look upon all your commandments." Since the question mostly deals with how Psalm 119 should be applied to NT believers, the episode deals with a common misunderstanding of the importance of the Law for Christians. Some claim that Christians are not under the moral law based, based on Christ having fulfilled it for us. While our acceptance in God's sight is completely based on Christ's perfect adherence to the Law, coupled with His substitutionary death, Christians are obliged to keep the moral law by abiding in Christ. The sum of the Law is love of God and neighbor, and the New Testament constantly holds believers accountable to observe these commandments THROUGH abiding in Christ. This then is the clearest application of Psalm 119 to NT believers, that God would help establish our ways to abide in Christ, resulting in keeping God's moral law.
Saved for Good Works
This episode places the themes of redemption, sin, and works in their proper perspective. Preoccupation with sin issues is understandable for infants in Christ, but evidence of true saving faith is that service to God and/or "works" that He prepared beforehand (Eph 2:10) become the motivation for life. The episode connects "service to the living God" with the roadmap of sanctification in Eph 4:22-24, where putting off the old and putting on the new self is emphasized as the means of producing good works.
When morality is man-centered and not God-centered
This episode explodes anthropocentric morality as the standard for good works. Deism is cited as a prime example of a philosophical or religious system that defines good and bad based on outward morality. Love of God in the great commandment is not the primary objective, virtue itself is the goal. This redefining of good and evil in terms of outward morality apart from love of God is typical of modernity's penchant for commending itself outside of the standard of God. Repentance from dead works is the repudiation of any man-made system of morality that doesn't have love of God as the prime directive.
“Loving God completely: the standard for good works”
This introductory episode defines good works as those that fulfill the great commandments, loving God and loving neighbor. Since all mankind since the fall is incapable of fulfilling these commandments, no "good" work is even possible. The episode answers one objection raised by many that unbelievers can do good works. While works toward neighbor might be outwardly "good," if actions do not have fulfillment of the great commandment as their objective, then so-called "good" works miss the mark. "Good" means little without reference to God, so unbelievers cannot do good works. Repentance from dead works refers to the changing of the mind about one's own sin and abilities to perform good works. Coupled with faith in Christ, salvation is the result.