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 greatly rejoice
ranan (raw-nan')
to creak (or emit a stridulous sound), i.e. to shout (usually for joy)
when I sing
zamar (zaw-mar')
give praise, sing forth praises, psalms.
unto thee and my soul
nephesh (neh'-fesh)
a breathing creature, i.e. animal of (abstractly) vitality; used very widely in a literal, accommodated or figurative sense (bodily or mental)
which thou hast redeemed
padah (paw-daw')
to sever, i.e. ransom; gener. to release, preserve -- at all, deliver, by any means, ransom, (that are to be, let be) redeem(-ed), rescue, surely.
