There are many ways to do theology. Many approaches, many ways to skin a cat, so to speak.
But if faithfulness to the word is to be followed, there is, in my opinion, only one way to go about doing theology. That is to do theology from the grassroots. From experience. From the world, its history and all the dirtiness that it entails.
Academic theology (and I am not disparaging in any way, shape or form the scholarly theologians who are continuously doing us that great service of educating us, I am rather referring to doing theology from above and I am clumsily coming up with a convenient summative word) is distilling the experience so that the underlying principles, methodologies and whatnots can be had.
Doing theology is the continuous reflection on experience, one deepening the other, always an active contemplation on history and the God working within history.
That is why this kind of theologising is full of dangers. This travelling along the stormy seas of history is filled with the perils of being run aground, hitting hidden rocks and even becoming lost along the way.
A good thing to keep in mind when doing theology – it is Christ who comes to us when the waves become too high and dangerous, when the storms not even of our making threaten to sink us. It is He who calms the storms after all.