Hi Lovelylil, as it happens this subject and the scripture has been discussed before. Here:
http://www.jehovahs-witness.net/watchtower/bible/165791/1/YHWH-a-minor-pagan-god-Ugaritic-Texts-and-the-Sons-of-El
you left out verse 9 in your quote, which is the main point:
When the Most High gave the nations their inheritance,
when he divided all mankind,
he set up boundaries for the peoples
according to the number of the sons of Israel
For the LORD’s portion is his people,
Jacob his allotted inheritance.
Why would Jehovah need to inherit the people of Jacob? Translations try to obscure this. The TEV translates it thus:
8When the Most High (Q) gave to the nations their inheritance,
when he (R) divided mankind,
he fixed the borders [a] of the peoples
according to the number of the sons of God. [b]
9 But the LORD’s portion is his people,
Jacob his allotted heritage.
Notice how the sons of Israel in the NIV become the sons of God in the TEV. This is a topic in itself. But suffice to say some scholars belieave that despite the fact that the bible has been edited to fit a monotheistic aganda, some verses managed to escape their censorship, and this is one of them.