How important is repentance?

Read through the New Testament, and you will see how important repentance is. I see that a huge division among Christians is the thought of saved by Grace/saved by Grace, having to do works to keep it. When it comes to repentance, what does that mean? Does that mean if we don't repent of a sin in our lives, we go to hell? That is the main thing people throw at the gay community. But what about people who are living in sloth? Or gluttony? Do we love the fat and hate the fatty?

What if the good fundamentalist is having a bout' of road-rage and a split second after cursing and acting like a maniac, a car comes out of no where, hits, and kills him. Does he spend eternity in hell for not repenting?

Although so many people try to make the bible out to be black and white, it simply isn't. What we can do is try to have an honest relationship with God, and live our faith out accordingly. We all interpret scripture in our own way, so I guess we can all sit back and hope that Grace prevails in the end.

Thoughts?