BASH's history expansion character, ! has many features, including !: for choosing a specific argument (or range of arguments) from the history. The gist is any number after !: is the number of the argument you want, with !:1 being the first argument and !:0 being the command.

echo one two three  
one two three

echo !:2  
echo two  
two

echo !:1 !:0  
echo two echo  
two echo  

You can also re-run the last command in its entirety:

ls /root/.ssh  
ls: cannot access /root/.ssh: Permission denied

# let's rerun that, but elevate privileges
sudo !!  
sudo ls /root/.ssh  
config  

Cool.