What Must I Do to be Saved?

A growing majority of Christians today believes that all that is necessary for salvation is an individual's faith in Jesus. Mega churches everywhere proclaim this "Jesus and Me" theology, built around a simple application of John 3:16, downplaying the need for membership in any religious community, the practice of any rituals, the reception of any sacraments, the submission to any leaders, or the adherence to any set of doctrines. Salvation is merely by faith alone in Jesus alone by grace alone. But is this biblically, theologically, and historically sound?