Definitely a lot of "heavy" words. Something that may be helpful to your students (especially if you have teens or younger in addition to your adults) along with the word study suggested by Neil is reading the passage in different translations (such as New Living Translation) and also a paraphrase like The Message.
For activities, spend a bit of time learning about Peter, the writer of the letter. Talk about the Epistles and letter writing in general. Then, after your Bible study outlined by Neil above, have the students write a letter of their own -- maybe a letter encouraging another believer.
Are these the sorts of lesson suggestions you are looking for?