"You" or "Ye" would be used on formal occasions, or when one is addressing one of higher social rank. Never call the Royals "Thee" or "thou".

1st person----I we
2nd person----you ye
3rd person----she, he, it they

"Thee" or "thou" are informal forms of address and would be used when speaking to a friend or one of equal or lower social standing.
1st person----I we
2nd person----thee, thou ye
3rd person----he, she, it they

(Note: Don't switch from formal to informal, or vice versa, in the same conversation.)

"Thou" is nominative. (Used as the subject of the sentence and is usually the first noun in the sentence.)

Examples: Thou(subject) hast slain me(object).
Thou (subject) liest.

(Note: Verbs following "thou" tend to end in "-st".

"Thy" precedes words beginning with a consonant. Thy friend. Thy castle.
"Thin" precedes words beginning with a vowel. Thine honor. Thine arse.
THEE/THOU is the informal/friendly second person singular. Use it when speaking to a friend or someone of lower social status than yourself.

YOU is the formal, polite second person singular address. Use it when speaking to someone of higher status or to one who is not a close friend.

Verb ending in the letter "s" should end in "-th", "-eth", "-st" or "-est".
Examples: Modern becomes Renaissance

runs.......................runneth or runnest
kisses.....................kisseth or kissest
does.......................doth or dost
kills.........................slayeth or slayest

In the first person (Where the subject is "I" or "we") These ending are not used. It's just like modern English.
Examples: I kill.
We kiss.

The second person singular ("Thou") uses the "-st" or "-est" endings.
Examples: Thou takest my breath from me.
How dost thou?

The third person singular ("He", "She", "It", "This", "That", "[Someone's Name]") uses the "-eth" and "-th" endings.
Examples: This format of rules and examples sucketh!
It biteth the big one.
He doth not make this easy, doth he?

If the subject is plural, the verb will not have any of these endings.

Do not use contractions. Generally, they enter the language later and, to the modern ear, the longer form sounds more elegant and Old. If you know an older or more poetic word for something, use it. Car becomes Cart, pants becomes breeches/venetians/slops, house becomes cottage/manor, hat becomes chapeau and so on... Change your sentence structure a bit. "I discussed the issue with him" becomes "I did discuss the matter with that good man." Pronounce the all the letters in the word. Action (akshon) becomes act-i-on; schedule (skedul) becomes shed-u-le. Find historical cuss words. If you must swear, avoid the everyday ones. "Godsteeth!" is just as effective without being common or offensive. These guidelines may not be historically correct but they add an elegance, formality, and foreignness to our everyday speech that takes the listener out of his normal world into ours.

Paying your do's:

It can be very effective to place the word "do" (or "did") before active verbs.
Examples: I'faith if you do sing again, I do fear madness will befall me.
We did go unto the festival. Aye, we did eat and drink most well.

To be or not to be:

The word "be" (or "were") can be used in place of "is", "am" & "are".
Examples: They all be peasants and, by'r ladykins, I be one as well.
It were a good thing that his majesty, the king did not see thee sit upon his throne.
Thou wert then in peril of thy life.

It's all about me:

Add the word "me" after first person verbs:
Examples: I will sit me down the while and think me on this matter.

Add the word "you" or "thee" to commands:

Examples: Pray, sit you down, my gentle friend.
Drink thee an ale with me, my merry fellow!

‘tis it's or it is
‘twas it was
‘twould it would
‘twill it will
‘twere it were
is't is it?
shan’t shall not or will not
e'en even, also evening

You can also drop the "v" from the middle of some words.
e'er ever
"ere before
ne'er never
o'er over
e'en even

Phrases can be contracted, dropping whole words.
"Let us (go) to bed."
"I'll (have) none of thee."
"I will (go) away."
"Go to ( )."

"Fie!" is a VERY useful word. A general expression of disgust. (pronounced "fy")
Examples: "Oh, Fie!"
"Fie and fie again!"
"Fie upon it!" or "Fie upon that!" or "Fie upon you!"
(Note: They didn't say "Fie you" though, sorry.)

"Tush!" is used alone (unlike Fie above). Sort of a mild exclamation.
Example: "Tush, sir! Surely you jest!"

"Go to!" is a period exclamation often used the way we would answer an astonishing statement from a friend: "Get outta here! Really?"
Example: "The king is coming to this dungheap? Go to!"