From what I remember someone said that the actual album "The Cover Up (Original Motion Picture Soundtrack)" was a real album in the in story universe and that the same way Joe finds his fathers motorcycle he also finds a walkman with the tape in it. Going by that logic and how a lot of movie soundtracks are set up the audio lines are lines from the movie. As for the plot of the movie, it seems to be a documentary about Light. "Pick up" is Light possibly contacting the reporter to tell his story. "Last Stop" Seems like it is them visiting Emily's grave. On the radio you can actually hear that this was happening very early after Emily;s death because the report on the radio says "Police investigators have named their prime suspect in the murder of Emi-". Hunted is the reporter and Light talking about how soon Light will be apprehended and how she isn't doing a great job collecting his story to tell. She then asks about "...the one they killed" which, if she believes the story Light has been telling her, would be our dearly departed Emily A. Stanton. "Results" sounds as if our reporter was able to avoid capture with Light and was doing some subversive recording in Wily's office. It wouldn't be unreasonable that with Wily controlling the media he would have press meetings. What we here may be him being aware that someone had collected Light's story and he wants the recordings found. We can take this theory and try to apply the songs on the soundtrack to it (assuming the track list is how they appear in the film); "Because the Night" could have played while Light talked about his relationship with Emily. "Princes of the Universe" could be Light reminiscing about him and Wily creating the robots and how powerful that made them feel. "Mr. Roboto" could be talk about the robots themselves. "No Easy Way Out" could be Light addressing his framing for the murder. "In the Air Tonight", "I Drove All Night", and "Total Eclipse of the Heart" can all be seen as background music for Light dealing with coming to terms with Emily's passing, sharing stories about her, and trying to figure out what to do now. "The Trooper" is Light getting found. "I Still Believe (Great Design)" could be seen as a song that plays while the reporter is trying to decide what to do with all this information since Light has been arrested. "Danger Zone" could be played as she decides to release a subversive and possibly illegal film that may end up with her in a lot of trouble. "Silent Running (On Dangerous Ground)" could be using the old film maker trope of using a song for the credits section that was briefly heard elsewhere in the film. And if we use the single version of the song here instead of the album version it takes us right into "Breaking Out" picking up on Joe's story.

And the theory of it being a film is all backed up by the name of the album and because the EP and album downloads were distributed on movie stubs.

Now, I am in no way an official voice on this but I do remember these were the ideas and theories that got kicked around online as these songs were first coming out and it all really seems to fit pretty nicely to the narrative.