So, to sum up and simplify Scriptural MEDITATION:
I think H. A. Ironside described it best, when he compared it to a cow "chewing its cud," or "RUMINATING."
In meditating on a passage, we are "chewing on it," truly savoring it, endeavoring to extract ALL the flavor. In an unhurried, even leisurely way, we are trying to draw the very utmost flavor and nourishment from just "having a moment" with the Lord, over His Word.
"Behold, I stand at the door and knock: if any man hear my voice, and open the door, I will come in to him, and will sup with him, and he with me."
Though this is often seen as an "evangelism verse," it is actually Jesus Christ addressing the churches. I see it as intended for BELIEVERS, who, tragically, are actually shutting the Lord out of their lives. I believe to "sup with Him" refers to the Lord wanting very deeply to enjoy a sweet time of fellowship with His dear child, who, in the case of the Laodicean "christians," couldn't care less. Though addressed to the "lukewarm," it contains a promise to EVERY believer, that all I need do is "hear His voice," and "open the door," and HE will come in to ME, and will "sup with me" (fellowship; communion), and I with Him.
I believe in applying this to my devotional times in the Word, and to Scriptural meditation, in particular. As I ruminate on a passage, it is my dear Savior and myself, having fellowship over a succulent, savory meal together; filet mignon and fresh-caught Maine lobster with lots of melted butter -- His treat!
Except the meal we're delighting in together is actually a feast of His Word.
It IS a supernatural encounter with the Eternal "I AM." It is NOT some kind of medieval "mysticism."
I recommend, if you're just starting to practice meditation on the Word, that you pick just a verse, or very short passage to begin with (Colossians 3:1-4 is about the maximum length, and depth, you should aim for). It should be a passage already somewhat familiar to you; you have checked out the context; you don't still need to look up words to find out what they even mean. Some would include even such preliminary study as part of meditation, but I am talking about deeply thinking on and savoring a text AFTER this has already been done.
I recommend you have the verse or short passage memorized, or nearly enough committed to memory that you do not have to keep looking at the printed page (with a little dependence on the Lord, IT WILL COME, trust me; no, far better, trust HIM!), but you can actually close your eyes some, and run the text through your mind without having to read it.
And then, BY FAITH recognizing very much that the Lord, the Author of Scripture, is RIGHT THERE AT YOUR SIDE (Rev. 3:20; Hebrews 11:6), simply THINK ON, and enjoy, your selected passage of scripture.
Turn it over in your mind, again and again, even occasionally mentally sending out a brief prayer: "Lord, what exactly does that mean?" "Lord, open my eyes to see all that you have for me here," "Lord, help me to see you more clearly and know you better through this truth," "Lord, I just love You so much."
I try to remain ever-mindful of His Presence, and the fact that I am enjoying this savory meal WITH HIM as I meditate, and I kind of vacillate between prayer and thinking the scripture the whole time.
And that is "meditating on the Word," as I know it.
More later, Lord willing.