Let the word of Christ dwell in you richly in all wisdom; teaching and admonishing one another in psalms and hymns and spiritual songs, singing with grace in your hearts to the Lord.Speaking to yourselves in psalms and hymns and spiritual songs, singing and making melody in your heart to the Lord;
But it shall not be so among you: but whosoever will be great among you, let him be your minister. And whosoever will be chief among you, let him be your servant.
Now I would not have you ignorant, brethren, that oftentimes I purposed to come unto you, (but was let hitherto,) that I might have some fruit among you also, even as among other Gentiles.
Let the word of Christ dwell in you richly in all wisdom;
teaching and admonishing one another
in psalms and hymns and spiritual songs,
singing with grace in your hearts to the Lord.
In other words, the word of Christ is taught and admonished to church members, and psalms, hymns, and spiritual songs are to be sung to the Lord. It really does come down to how the verse is diagrammed. There are many who have taught this verse in this manner. "Teaching and admonishing" modify "the word of Christ dwell in you." "You" of "in you" is plural, so Paul is talking about congregational teaching and admonishing of the church.
Early in my preaching (over ten years ago), I did connect teaching and admonishing with the singing, but I called it a byproduct or a result of singing to the Lord. I said that when singing is directed to God in an acceptable manner, then the church is edified. That's probably true, that it is a byproduct, but it's not what the verse is saying. How I'm explaining that verse now fits into the understanding of all of the rest of the Bible.
By him therefore let us offer the sacrifice of praise to God continually, that is, the fruit of our lips giving thanks to his name.