Holy Diver

Combine the cover with the lyrics and here is my interpretation:

"Holy Diver You've been down too long in the midnight sea Oh what's becoming of me"

This refers to the priest, or a faithful believer, focusing too much on the murky waters of sin and evil. Even though the priest or believers religion in theory is a good one, there seems to be a fascination with the darker side of both the religion and life itself. Think of the holy diver as a good person who is exploring the dark murky depths.

"Ride the tiger You can see his stripes but you know he's clean Oh don't you see what I mean"

People are fascinated by the strength and dominance of a predator like the Tiger. You can see what kind of animal he is, but never-the-less, the holy diver is fascinated. The Tiger itself could refer to the Devil, personal demons, the personification of evil and/or rebellion. After all, Tigers have killed numerous men, yet people still idolize and respect the Tiger. Riding the Tiger could refer to being a hypocritical. The holy diver sees the Tiger's stripes (sees that it is evil), but rides anyway (acts clean but really isn't).

"Gotta get away Holy Diver"

Basically a warning, to stay away from the Tiger. He may look clean (cool, interesting), but is really dangerous.

"Shiny diamonds Like the eyes of a cat in the black and blue Something is coming for you"

The holy diver thinks he is in control but really isn't (refer to the cover of the album). He is being stalked by the Tiger (manipulated by evil).

"Race for the morning You can hide in the sun 'till you see the light Oh we will pray it's all right"

This is where things get really interesting. "Race for the morning" alludes that the holy diver (righteous, yet hypocritical believer) treats being good as some sort of race to be won. That the holy diver can hide behind his religion, even though he is a hypocritical sinner and so long as he believes and prays that it will be all right, he will be saved.

"Between the velvet lies There's a truth that's hard as steel The vision never dies Life's a never ending wheel"

This could either mean that the holy diver himself is being lied to, that he refuses to acknowledge that he is doing wrong and the truth is he is just as bad as the non-believer OR it could mean that the holy diver is lying and hiding the fact that he knows he is sinning and doesn't care. Regardless of this, the truth is there (the vision never dies) and life continues on despite the holy diver being genuine (fate waits for no man)

"Holy Diver You're the star of the masquerade No need to look so afraid"

This is where things get dark. Dio is saying that everyone knows the holy diver is hiding his sin, and as in a masquerade, is pretending to be something he is not. Dio is telling the faithful Christian to not be afraid of sin, to embrace it rather than hide.

"Jump on the tiger You can feel his heart but you know he's mean Some light can never be seen"

Now Dio is saying rather than ride the Tiger, "jump on the Tiger" or in other words, don't be afraid of your demons, the Devil, evil, human nature, sin, etc. Be enthusiastic about it, rather than just fascinated. Don't be half way in, go all the way in. Dio is saying, you can "feel his heart", or feel the intentions or merit of said Evil, even though you know it is wrong. "Some light can never be seen" or some standards can never be met; Dio is claiming with the holy divers struggle with sin, he will never reach true holiness.