I'm not rationalizing hell out of existence. Biblically sinners DO NOT have eternal life. But there is a hell. However, the word translated "hell" is actually three different concepts and is expressed by 3 separate greek words and one hebrew. From Heaven and Hell:
The concept of hell being an everlasting place of torment for eternal people is a mistaken interpretation of the bible. In the original Hebrew and Greek languages in which the Bible was written, four words are translated "hell" in English. The four words convey three different meanings.
The Hebrew word sheol, used in the Old Testament, has the same meaning as hades, one of the Greek words translated "hell" in the New Testament.
The Anchor Bible Dictionary explains the meaning of both words: "The Greek word Hades ... is sometimes, but misleadingly, translated 'hell' in English versions of the N[ew] T[estament]. It refers to the place of the dead ... The old Hebrew concept of the place of the dead, most often called Sheol ... is usually translated as Hades, and the Greek term was naturally and commonly used by Jews writing in Greek" (1992, Vol. 3, p. 14, "Hades, Hell").
Both sheol and hades refer to the grave. A comparison of an Old Testament and a New Testament scripture confirm this. Psalm 16:10 says, "For You will not leave my soul in Sheol, nor will You allow Your Holy One to see corruption." In Acts 2:27 the apostle Peter quotes this verse and shows that it is a reference to Christ. Here the Greek word hades is substituted for the Hebrew sheol.
Where did Christ go when He died? He went to the grave. His body was placed in a tomb belonging to Joseph of Arimathea. The two passages, in Psalms and Acts, tell us Jesus' flesh did not decay in the grave because God resurrected Him.
The majority of scriptures that use the term hell are simply talking about the grave, the place where everyone, whether good or evil, goes at death. The Hebrew word sheol is used in the Old Testament 65 times. In the King James Version it is translated "grave" 31 times, "hell" 31 times and "pit" three times.
The Greek hades is used 11 times in the New Testament. In the King James translation in all instances but one the term hades is translated "hell." The one exception is 1 Corinthians 15:55, where it is translated "grave." In the New King James Version, the translators simply used the original Greek word hades in all 11 instances.
Two other Greek words are translated "hell" in the New Testament. One of these is tartaroo, used only once in the Bible (2 Peter 2:4), where it refers to the place where the fallen angels, or demons, are restrained awaiting their judgment. The Expository Dictionary of Bible Words explains that tartaroo means "to confine in tartaros" and that "Tartaros was the Greek name for the mythological abyss where rebellious gods were confined" (Lawrence Richards, 1985, "Heaven and Hell").
Peter used this reference to contemporary mythology to show that the sinning angels were "delivered ... into chains of darkness, to be reserved for judgment." Fallen angels are in a condition or place of restraint awaiting their ultimate judgment for their rebellion against God and destructive influence on humanity. Tartaroo applies only to demons. Nowhere does it refer to a fiery hell in which people are punished after death.
The third Greek word used in the Bible and translated "hell" is gehenna. This does refer to a fiery punishment for the wicked—but not in the manner portrayed in the hell of men's imagination.
Gehenna refers to a valley just outside Jerusalem. The word is derived from the Hebrew Ge-Hinnom, the valley of Hinnom (Joshua 18:16). At the time of Jesus this valley was what we might call the city dump—the place where garbage, trash and refuse were thrown and consumed in the fires that constantly burned there. The carcasses of dead animals—and the bodies of despised criminals—were also cast into Gehenna to be burned. Jesus used this particular location and what took place there to help us understand the fate the wicked and unrepentant will suffer in the future.
What about the story of the rich man, Lazrus, and Abraham?
You’ve created an end that is impossible by all that is contained in God’s word.