There are various discussions as to how it is best translated, but one thing is for sure, it is meant to draw our attention, mind, heart and soul to what has been declared through the words of the Psalm.
For example Psalm 3 is full of this mind grabbing, thought provoking word:
O Lord, how many are my foes!
Many are rising against me;
many are saying of my soul,
there is no salvation for him in God. Selah
But you, O Lord, are a shield about me,
my glory, and the lifter of my head.
I cried aloud to the Lord,
and he answered me from his holy hill. Selah
I lay down and slept;
I woke again, for the Lord sustained me.
I will not be afraid of many thousands of people
who have set themselves against me all around.
Arise, O Lord!
Save me, O my God!
For you strike all my enemies on the cheek.
you break the teeth of the wicked.
Salvation belongs to the Lord;
your blessing be on your people! Selah
At each 'Selah' we are given the opportunity to reflect on what has been said. Perhaps in temple worship the music played softly on during this interlude. But it was, and is a time for the weighty, fearful, glorious and joyous words of truth to saturate our minds and hearts.
I guess 'Selah' is a principle, and can be carried much further than those places the word appears. In fact, it, is perhaps a principle to carry with us at each opening of God's Word.
Lets Selah our way through Scripture.