Raining Blood Lyrics

Lyric discussion by burnedagent 

Cover art for Raining Blood lyrics by Slayer

I kind of see this as a Satanic wet dream.

The first bit is about the souls trapped in purgatory, who are waiting to exact their revenge against God who put them there. The second bit is the Devil fantasizing about his actions when he returns to power. Particularly "abolishing the rules made of stone" or the Ten Commandments.
The third bit is actually my favorite lines. "Pierced from below, souls of my treacherous past." These are the angels that followed Lucifer (Satan)in his ill-fated revolt against God (hence "treacherous") and who now reside in Hell with him. "Betrayed by many, now ornaments dripping above." refers to all the souls in Heaven who have "betrayed" Satan by living holy lives and are now victims of his reprisal.

"Your time slips away" I think is a direct statement to God. Basically he's telling God: "Your time is over, it's my turn now." Finally the last bit is Satan's final oath. The "lacerated sky" refers to the Heaven which he has destroyed and with God out of the way he can reign in blood.

My Interpretation

@burnedagent I think the whole song is from the perception of the Devil.