Coveteousness, which is idolatry (Col 3:5)
Idol worship is not different in the OT than the NT,
that would be to say that we have fundamentally improved in the human race
However, if the sinful nature remains the same (in fact, probably gets worse)
Then we must be just as prone to idolatry as they were
So is it that the direction of idol-worship has changed from images of wood and stone to more intangible things?
Not really, because what was at the goal of idolatry?
1 Cor 10:7 - "Eating, Drinking & Playing" - was the source of the creation of the 'gods that delivered us out of Egypt'
An idol, though not having any existence, is simply humanities selfish usage of another being or person to achieve ones own flesh desires
Thus to even re-direct our focus on the Living God, yet to have these desires - makes Him the chief idol
more here - http://christthetruth.wordpress.com/2012/06/24/idolising-idolatry/
So then the only solution is a change in desires. Now that is impossible to be wrought from within ourselves. It can only be done by someone else externally changing what we most fundamentally want. And that someone must Himself be desirable above those things.
Thus the only application of idolatry, must be to bring people into situations (the church) where a desirable God is publicly preached and presented - or 'held out' to be taken up into oneself.