Note: There is effectively no extra health if you are playing on Ultra-Violence or Nightmare; the most you can get is green armor. If you get injured, you'll have to wait until the next map to recover health. Consequently, this is one of the most difficult levels in the game.
Just outside the entrance, you will be flanked by two shotgun guy groups. Quickly kill them and fall back - they will teleport closer and attack. Avoid the armor shard pickups for now.
Head across the slime pit and flip the switch to open the door to the second room. Get the green armor, and collect the shards that you skipped earlier. Save the medikits until you are under 50% health.
You may want to get the rocket launcher - that is available by lowering the lift in the left slime pit.
Head into the second area, and collect the key. You'll cause monsters to teleport to different areas of the map, including a Baron of Hell (on HMP or harder). You can inflict some damage with the chaingun, but your priority should be survival. Head back to the first area into the red key gate.
Enter, kill the imps behind the platform, and get the blue key. Go to the exit to end the level, picking up the medikits if there are any left.