Paul's words in 2 Timothy 3 are important ones. We can aptly summarize the period in Southern Baptist life from 1979 through 2000 as a wrangling with the truth of 2 Timothy 3:16. All Scripture is indeed inspired by God and consequently is inerrant. Our convention is healthier for having affirmed that truth, which is still under attack from elements within the SBC.
As important as verse 16 is, verse 15 is also very important. Therein Paul reminds Timothy of how the young Christian first came into the faith—through the operation of the Bible in his life. The Scriptures, Paul flatly states, "are able to give you the wisdom that leads to salvation." This powerful truth does not only pertain to Westerners or those who grow up in a "Bible" culture; it is true for all people. The wisdom that leads to salvation does not come from the Qur'an, the Bhagavad Gita, or the Tao Te Ching; it comes from the Bible. Nor does the Bible require the help of any other writing to lead people to salvation.
A cogent illustration of this truth comes in the story of Christianity in the Korean Peninsula. The latest post on the ACB blog tells the amazing story of Christ's work in Korea. The history of that movement has been of interest to me for several years. Journey over to the ACB blog and enjoy Mike Morris's excellent paper (OK, the length restrictions over there make it something of a paper-ette).