A "shot in the dark" is a long shot - something put forth that's not likely to happen. In this case, though, it's more literal, with Ozzy in deranged stalker mode. He's the "shot in the dark," creeping up to strike when you least expect it. He's just waiting for the voices in his head to give the good word.
Songwriting credits on this one are shared between Ozzy and his bass player, Phil Soussan, who was with him just for The Ultimate Sin album. Soussan had written the song years earlier.
The title is a reference to the 1964 Pink Panther film A Shot In The Dark, which is about a bumbling detective. Phil Soussan, who is British, is a big fan of the Pink Panther series and says the original lyrics had more to do with the film. Ozzy changed them to be much more nefarious.
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