Here is a blog entry regarding "Christians" who have decided to only
believe the words Jesus spoke, and ignore the rest of the Bible:
 

"There is a move among some self-described "progressive evangelicals" to
identify themselves as "red-letter Christians" - describing themselves
as Christians particularly devoted to the words of Jesus (which are
printed in red in many editions of the Bible). Here are a few samples
and I'll let them speak for themselves."
http://mitchlewis.wordpress.com/2006/07/24/the-problem-with-red-letter-christianity/
 

The appeal to these people must include the fact Jesus Christ never said
much about sodomy, drunkeness, drugs, abortion, etc. So these people can
pretend that the Bible - all of it inspired - is not really against
their sins.

One thing to consider is that Jesus spoke to Jews as their messiah -
under the law. Therefore without an understanding of dispensations,
many people get stuck on the beatitudes (which can't save anybody) and
the rest of Matthew, Mark, and Luke, and follow a works-based religion
they call "Christianity" - it isn't true. The gospel of John is often
ignored by these folks.

What we need to know today has been given to us by the apostle Paul -
the gospel of the grace of God. However, once Jesus returns and reigns
on the earth, at that time the beatitudes will be very significant as
the "Constitution" of his reign, and a grace+works salvation for those
under it. This is the future - not today!

- M