My lips
saphah (saw-faw')
the lip (as a natural boundary); by implication, language; by analogy, a margin (of a vessel, water, cloth, etc.)
shall utter
naba` (naw-bah')
to gush forth; figuratively, to utter (good or bad words); specifically, to emit (a foul odor) -- belch out, flowing, pour out, send forth, utter (abundantly).
praise
thillah (teh-hil-law')
laudation; specifically (concretely) a hymn -- praise.
when thou hast taught
lamad (law-mad')
to goad, i.e. (by implication) to teach (the rod being an Oriental incentive):(un-) accustomed, diligently, expert, instruct, learn, skilful, teach(-er, -ing).
me thy statutes
choq (khoke)
an enactment; hence, an appointment (of time, space, quantity, labor or usage)