As James pointed out, the Greek word for saved (sozo) has a wide range of meaning. It is even used for healing (delivery from sickness) in Matt. 9:21, etc. Here Peter doesn't say "saved from sin" or "Hell," but from "this...generation." That was the generation that crucified Christ, so if you stuck with that generation you could not believe in Christ and be "saved" from sin. Peter is saying, "Deliver yourselves from this generation so you can be soteriologically saved from sin."
And he that believeth and attends church will also be saved. It is the believing that saves, not the baptism, otherwise Jesus would have added, "and he that believeth not and is not baptized shall be condemned."
But Peter was talking about salvation in the sense of a physical salvation, not soteriological, because he referred to those in the ark who were physically saved from the flood. Again, the Greek word has a wide range of meaning. Context decides which meaning we should take. Those in the ark were already believers, they were simply physically saved. So if we are saved by a clear conscience as in this verse, it is not soteriological, but something else. The physical action of baptism, being compared to the physical salvation of the ark, is referring to being saved from a life of disobedience, which life has serious consequences to the believer.
Edited in: I edited, taking out a couple of extra returns, then clicked on "save" to "save" my changes. So this post is now eternally "saved," is it not?? :smilewinkgrin: