"ungodly" = unrighteous in contrast to the believers who were justified; beginning of a series of rhetorical questions that express Paul's horror
The absurdity is: the saints will someday judge the very world before whom they are now appearing and asking for a judgment; "trivial cases": lawsuits in the present age are trivial (add up to zero) when compared to the eschatological judgment.
angels = the fallen angels (2Pe 2:4, Jude 6); "the things of this life" means "mere matters of business" which we should be able to handle
Two possible meanings: (a) appoint those of little account in the church as judges; the difficulty of this interpretation is Paul's use of such pejorative language--even in irony--to speak of fellow believers. (b) "If therefore you have such business disputes, how can you entrust jurisdiction to outsiders, men who count for nothing in the church?"
Alternative translation (v.3-4): "In light of our existence in Christ and our participation in the eschatological judgments, how can one care about such trifling matters in the first place, and in any case how can one bring them before those who have no standing in the church and therefore will not have a share in those judgments?"
In a church full of pride and arrogance where "wisdom" was a watchword, Paul shames them for the lack of wisdom.
"Already" (i.e., whatever the result of the lawsuit) it is altogether a defeat to you.
If the victim endures the loss, he would have truly won. Paul regularly encourages that one not return evil for evil (1Th 5:15, Ro 12:17) as a manifestation of carrying the cross.
"cheated" = defrauding; suggests that some kind of property or business dealing is the problem.
You (plural, the church as a whole) have greed and fraud going on in your own midst.
Paul warns the whole church, not only the offender who did wrong, that if they persist in the same evils as "the wicked" they are in the same danger of not inheriting the kingdom.
The warning is real; the persistent and unrepentent sinners will not inherit the kingdom.
Paul defines "the wicked" in terms of the 10 sins:
Paul invites them to change their behaviour by reminding them that they do indeed belong to God. "Therefore, live out this new life in Christ and stop being like the wicked."
3 verbs as metaphors of salvation: