While
Colossians 2 shows a case for water baptism, i believe there is just as much of a case for spirit baptism. Being risen with Him and being quickened are both in those passages not just the death and burrial aspects. Being risen and being quickened are things the spirit brings, not water baptism.
Romans 2:29 seems to equate cicumcision of the heart to circumcision of the spirit.
Romans 4:11 talks about Abraham recieving the sign of circumcision, a SEAL of the faith he had.
II Corinthians 1:22,
Ephesians 1:13, and 4:13 talk about how we're sealed by the Spirit until he redeems us (the purchased church). These various passages lead me to believe that spiritual/heart circumcision is done by the Spirit which seals us and writes God's law on our hearts. Recieving the Spirit seems to bring everything full circle.