The words Peter reiterated in this verse were the words of Jesus in Acts 1:5. Before the crucifixion and death of Jesus, He spoke with his disciples about the person, character, and ministry of the Holy Spirit who was released upon them on the day of Pentecost. Water baptism in those days was a call to repentance. It was a call for self-introspection and a decision to turn away from evil and unfruitful ways towards God. It is a requirement for entry into the kingdom of God on earth, like an act of initiation. For those who believe and are baptized, it is a means of identifying themselves with God's family as members. It is a reminder of one's commitment to God and exclusion from the kingdom of darkness.
Being baptized with the Holy Spirit is the actualization of the promise of this gift which in most cases is accompanied by the evidence of speaking in tongues. This immersion in the Spirit supplies supernatural strength and power that enables the believer to live a life that pleases God. It brings eternal life, makes the believer a partaker of God's blessings. This gift is not discriminatory; it is meant for all who believe in the Lord Jesus as Savior.

Dear Heavenly Father, thank You for making me a partaker of the new life in Christ Jesus. Thank You for the gift of the Holy Spirit who brings me to the knowledge of all that You have for me. Father, I pray that You baptize me with a new measure of Your Spirit. Allow the Holy Spirit to free me from the thoughts of the past that are holding me back, and enable me to live a life worthy of my calling.
In Jesus's name I pray. Amen.