This text is often used to suggest that homosexuality is one of many lifestyles of those not inheriting the kingdom. The original Greek malakoi arsenokoitai is translated in this version as "sexual perverts" and in some other versions as "homosexual". Some sources in the early Church interpreted this phrase as referring to "temple prostitutes" - people who engaged in ritual sex in Pagan temples, others thought that it meant "masturbators". This phrase is not in any Greek homosexual erotic literature.
Whatever Paul intended when he used this phrase - he is talking about chosen behaviour which wrongs fellow Christians; theft, greed, drunkeness and adultery.
"And such were some of you."
Paul is asking Christians not wrong and defraud, each other. The issue is justice. To be righteous is to act justly, love mercy and walk humbly with God.
Some Christians claim to have given up what they describe as their "addiction to homosexuality" in the same way that others have given up stealing or drunkeness. In contrast greed seems to be a more persistent problem for many Christians.
How is this relevant to the modern issue of sexual orientation? Like right or left handedness, gender or race, sexual orientation is given not chosen. Those who seek to exclude homosexuals from the Christian community are acting unjustly - exactly what Paul asks the Corinthiians not to do in this passage.
Nurturing each other, sharing an intelligent faith and acting for justice in the world is what Paul asks of the Corinthians.