Double click the V2 entry errors to trace what has caused this update failure. It could be due to various reasons (syntax error in some LIS update, EDI o/p form error, number range error etc).
Once you are sure you have fixed the error, you can repeat the update (you can repeat it even now, but it may fail with the same error, so you need to look for the reason of V2 error and fix it first). If your V2 update is successful now, the corresponding V3 shall be taken to delta queue in the next collective run.
Luckily when I repeated the v2 updates it went away from the screen meaning it got reposted. But now I have some new v1 update posting error they are showing with DBIF_SQL error which cannot be repeated. What can I do about these?
Also will the repeated v2 updated be picked up by v3 extraction next time?
You need to understand why this DBIF_SQL error is happening. You may need help from ABAP/Basis to debug and post these updates. A V1 failure is a critical failure and shall not be left in SM13.
If you don't have help to do above, check which user had posted this txn. Tell him/her that you are deleting this update and he may do the txn again. If it fails again, then you have no choice but to debug and fix the error.
Quite a few DBIF_SQL errors are due to incorrect number range usage. (Same no used twice, eg document no) If you can figure this out, you can change the number range customizing to fix this error.
I am not sure about whether a repeated V2 will trigger the corresponding V3. Logically it should, but you need to verify that it has done so.
additional to Ajay's suggestions, check out the syslog via sm21 and/or the dump overview via st22. You must get the cause of these errors and solve this issue first. I am sure you will find some entries in sm21 and/or st22. Analyze them, may be together with a basis person.