In this way:
~ $ echo this is it
~ $ echo !!:2
echo is
is
!!:nis n'th arg
!!:n-$is an argument from n'th to the last
Note: !!extends to the last command
According to EDIT ( relocated ):The second argument to the second command:
~ $ echo foo bar baz
foo bar baz
~ $ echo catz ratz batz
catz ratz batz
~ $ echo !-2:2
echo bar
bar
!-n expands to a command that was 'n' the number of teams before the current command.
: !-1 !! .