{Ye also as living stones} (kai autoi h(9373) lithoi z(936e)tes).
Peter applies the metaphor about Christ as the living stone to
the readers, "ye yourselves also." {Are built up a spiritual
house} (oikodomeisthe oikos pneumatikos). Present passive
indicative second person plural of oikodome(935c), the very verb
used by Jesus to Peter in  Mt 16:18  (oikodom(8873)(935c)) of building
his church on the rock. If the metaphor of a house of living
stones seems "violent" (Vincent), it should be remembered that
Jesus employed the figure of a house of believers. Peter just
carried it a bit farther and Paul uses a temple for believers in
one place ( 1Co 3:16 ) and for the kingdom of God in general
( Eph 2:22 ), as does the author of Hebrews ( Heb 3:6 ). This
"spiritual house" includes believers in the five Roman provinces
of  1:1  and shows clearly how Peter understood the metaphor of
Christ in  Mt 16:18  to be not a local church, but the church
general (the kingdom of Christ). {To be a holy priesthood} (eis
hierateuma hagion). Late word (from hierateu(935c), to serve as
priest,  Lu 1:8  alone in N.T.), in LXX ( Ex 19:6 ), in N.T. only
here and verse  9 , either the office of priest (Hort) or an
order or body of priests. At any rate, Peter has the same idea of
 Rev 1:6  (hiereis, priests) that all believers are priests
( Heb 4:16 ) and can approach God directly. {To offer up}
(anenegkai). First aorist active infinitive (of purpose here)
of anapher(935c), the usual word for offering sacrifices ( Heb
7:27 ). Only these are "spiritual" (pneumatikas) as pictured
also in  Heb 13:15f . {Acceptable} (euprosdektous). Late
(Plutarch) double compound verbal adjective (eu, pros,
dechomai) as in  2Co 6:2 .