so let me see if i get this...

sell a call with .8 delta, buy 80 shares of stock:
risk of theoretically unlimited loss in scale to price rise is now covered by holdings... = 0 net profit on price surge however i win time decay against buyers purchase price.
stock trades sideways = time decay makes me money until expiration
stock falls in price = i profit off time decay and whatever percent of the buyers principle is gone when they close out or expire

how close to the mark am i here?