In contrast to verse 1 (Psalm 1:1), verse 2 has a more positive tone describing the blessed man. The first verse describes what the blessed man does not do, while this verse explains what he does. In the same way, as in verse 1, this context applies to everyone, not just males or men.
In this verse, the psalmist is not referring to the specific details of the Mosaic Law, which God gave to the Israelites through Moses. Instead, he is referring to the undivided law of the Spirit of life within Christ Jesus, which has liberated us from the law of sin and death. In essence, he encourages the right division of all of God's Word in light of the fact that all scripture is a product of God and that it is profitable for doctrine, for reproof, for correction, and for instruction in righteousness.
Godly meditation entails filling one's mind with scripture. It involves contemplating what the Bible teaches about God's character. It involves reflecting deeply upon what God's Word teaches about ourselves and others. As we meditate upon the pure, written Word of God and delight in it, we will grow in grace and become more like Jesus Christ, our Lord and Savior.

Dear Heavenly Father, thank You for Your written Word. May I be the blessed one who is not affected by the words of the ungodly, but is deeply influenced by the words of God. Let me read Your Word, meditate on it, apply its truth to my life, so that I may not be conformed to this world. Instead, I will become more and more like Jesus Christ every day. 
In Jesus's name I pray. Amen.