This study was originally placed into 2Samuel 23 (HTML) (PDF) (WPD). Passages taken from the UPDV below, unless otherwise noted (emphasis, mine):
1. Building a house on a sure foundation (on a rock) insures the stability of the house. Jesus uses this as a parable to where our lives are stable and permanent if they are built upon Him and the Word of God. Matt. 17:7–10 Luke 6:48–49
2. Paul presents the Law versus Jesus. We are to put our faith in Jesus Christ, Who is the stone of stumbling and rock of offense. Why [has Israel not arrived at righteousness]? Because [they sought it] not by faith, but as it were by works. They stumbled at the stone of stumbling; even as it is written, Look, I lay in Zion a stone of stumbling and a rock of offense: And he who believes on him will not be put to shame. (Rom. 9:32–33; LXX and MT-Isa. 28:16; MT-Isa. 8:14)
3. Paul identifies the rock which Moses struck in the desert, the rock from which came living waters, as Jesus Christ. For I would not, brothers, have you+ ignorant, that our fathers were all under the cloud, and all passed through the sea; and were all baptized to Moses in the cloud and in the sea; and all ate the same spiritual food; and all drank the same spiritual drink: for they drank of a spiritual rock that followed them: and the rock was Christ. (1Cor. 10:1–4) See Ex. 16 for the full story.
4. Peter communicated a great deal of doctrine, much of which was related to the Rock, in 1Peter 2:1–10 Putting away therefore all wickedness, and all guile, and hypocrisies, and envies, and all evil speaking, as newborn babies, long for the spiritual milk which is without guile, that you+ may grow by it to salvation; if you+ have tasted that the Lord is gracious [LXX-Psa. 33:9; MT-Psa. 34:8 ]: to whom coming, a living stone, rejected indeed of men, but with God elect, precious, you+ also, as living stones, are built up a spiritual house, to be a holy priesthood, to offer up spiritual sacrifices, acceptable to God through Jesus Christ. Because it is contained in Scripture, Look, I lay in Zion a chief corner stone, elect, precious: And he who believes on him will not be put to shame. [Isa. 28:16 ] For you+ therefore who believe is the preciousness: but for those who disbelieve, The stone which the builders rejected, The same was made the head of the corner; [Psa. 118:22 ] and, A stone of stumbling, and a rock of offense; [Isa. 8:14 ] for they stumble at the word, being disobedient: to which also they were appointed. But you+ are an elect race, a royal priesthood, a holy nation, a people for [God's] own possession, that you+ may show forth the excellencies [LXX-Ex. 23:22; MT-Ex. 19:5, 6] of him who called you+ out of darkness into his marvelous light: who in time past were no people, but now are the people of God: who had not obtained mercy, but now have obtained mercy. [Hos. 1:6, 9 2:1, 23 ] References from Green’s literal translation.
5. Jesus had this interchange with Peter: He said to them, "But who do you say that I am?" Simon Peter replied, "You are the Christ, the Son of the living God." And Jesus answered him, "Blessed are you, Simon Bar-Jonah! For flesh and blood has not revealed this to you, but My Father Who is in heaven. And I tell you, you are Peter, and on this rock I will build My church, and the gates of hell shall not prevail against it. I will give you the keys of the kingdom of heaven, and whatever you bind on earth shall be bound in heaven, and whatever you loose on earth shall be loosed in heaven." (Matt. 16:15–19; ESV, capitalized)
1) Jesus says, “You are Peter;” and Peter is the Greek word Petros (πέτρος) [pronounced PEHT-ross], which means stone, large stone, piece or fragment of a rock; transliterated Petros, Peter. This is a stone a man might pick up and throw. This is not Peter’s original name, but one given him by Jesus (he was named Simon). Strong’s #4074.
2) Then Jesus says, “Upon this rock I will build My church.” That word for rock is petra (πέτρα) [pronounced PEHT-ra], which means a rock, cliff or ledge; a projecting rock, crag, rocky ground; a rock, a large stone; metaphorically a man like a rock, by reason of his firmness and strength of soul. Thayer, Zodhiates. Strong’s #4073.
3) So this is a play on words. The church is not built upon Petros; the church is built upon petra. The church is built upon the large stone or a large rock, which is Christ. See 1Cor. 10:1–4.
6. Jesus Christ is the cornerstone, which is the foundation that the builders regected. Both Israel and the church are built upon the cornerstone, which is Jesus Christ. The builders in this analogy are the religious types, who are going about trying to establish their own righteousness rather than stand upon the righteousness of Jesus Christ.
1) Isa. 28:16 Wherefore, thus says my Lord Yahweh, "Behold Me laying in Zion a foundation stone, a choice stone, a corner of a precious well-founded foundation. The believer on it shall not be put to shame." (CLV) That cornerstone is Jesus Christ.
2) Jesus confirms this in Matt. 21:42 Jesus says to them, "Did you* never read in the Scriptures, 'A stone which the ones building rejected, this [one] has become [the] head of a corner; this happened from the LORD, and it is marvelous in our eyes?' [Psalm 118:22,23] (ALT) The stone which the builders rejected is Jesus Christ, and He has become the head of the corner (the chief cornerstone). Regarding this stone, then Jesus warned, “Everyone who falls on that stone will be broken to pieces, and when it falls on anyone, it will crush him.” (Luke 20:18; ESV)
3) Peter confirms this in Acts 4:8–12 Then Peter, having been filled with [the] Holy Spirit, said to them: "Rulers of the people and elders of Israel, if _we_ today are being examined concerning an act of kindness [done] to a sick man, by what [means] this [man] has been cured, let it be known to you* all and to all the people of Israel that by the name of Jesus Christ the Nazarene, whom _you*_ crucified, whom God raised from [the] dead, by Him has this [man] stood before you* healthy! "This is, 'The stone, the one having been rejected by you* the builders, which has became [the] head of a corner.' [Psalm 118:22] And [there] is no salvation in any other, for neither [is there] a different name {under heaven} having been given among people by which it is necessary [for] us to be saved!"
4) Peter again confirms this in 1Peter 2:6–8 For it stands in Scripture: "Behold, I am laying in Zion a stone, a cornerstone chosen and precious, and whoever believes in him will not be put to shame." So the honor is for you who believe, but for those who do not believe, "The stone that the builders rejected has become the cornerstone," and "A stone of stumbling, and a rock of offense." They stumble because they disobey the word, as they were destined to do. (ESV; Isa. 28:16 Psalm 118:22 Isa. 8:14)
5) 1Peter 2:6–7 (graphic). Picture from RevCharlieHolt.com, accessed May 5, 2014.
6) Eph. 2:19–22 So, consequently, you* are no longer strangers and foreigners, _but_ fellow-citizens with the holy ones and [members] of the household of God, having been built on the foundation of the apostles and prophets, Jesus Christ Himself being [the] cornerstone, in whom [the] entire building having been joined together is growing into a holy temple in [the] Lord, in whom also _you*_ are being built together into a habitation for God in the Spirit. (ALT)
7. When performing acts of divine good, they must be built upon the foundation stone of Jesus Christ. According to the grace of God, the one having been given to me, like a wise, expert builder, I have laid a foundation, but another is building on [it]. But let each be watching [or, be taking care] how he builds on [it]. For no one is able to lay another foundation besides the one laid, which is Jesus Christ. (1Cor. 3:10–11; ALT)