In this day and age, this is obviously a controversial verse, but it is chock full of interesting Greek tidbits, not the least of which is semantic range.
Peter is encouraging Christian wives to respect their husbands, being submissive (ὑποτασσόμεναι, 3:1) to them, and placing an emphasis on internal qualities and not external beauty. The goal is evangelistic; their behavior may win their husbands to the faith.
As an example of submissiveness Peter refers to Sarah, who was submissive to Abraham her husband, κύριον αὐτὸν καλοῦσα. The participle καλοῦσα is expressing one way in which she expressed her relationship to Abraham. She addressed him as “lord.”