Parity & Parody

 -ity – a state of fairness, equality.
-ody – a humorously exaggerated imitation.

Loot & Lute

Cymbal & Symbol

For more great information about drummers, don't forget to check out www.goodnightkeithmoon.com!  ;)

Him & Hymn

Lead & Led

With an A – a heavy metal, atomic number 82.
Without an A – past tense of, well, Lead. Oh, sheesh, that's confusing. "Lead/Lead" would be a good candidate for Homographs, Weakly, if I decided to branch out a bit.

And speaking of heavy metal:

Cornet & Coronet

Keep calm and scabba-dabba-doo-bop. I think Louis Armstrong said that.

Verses & Versus

I know, I know. A rap battle would have been the perfect picture for both.

Jam & Jamb

With a B – the inside surface of a doorframe.
Without a B – every other use of this word you can think of.

Heard & Herd

Maybe you heard the herd, or maybe the herd heard you.

Resinate & Resonate

With an I – treat with resin, e.g., trapping an ant in amber.
With an O – emit/amplify sound or some other vibration.
"The children's horrified screams resonated throughout the museum when they saw that exhibit of resinated human bodies."
Thanks to Abe for (sort of) suggesting this one.

Base & Bass

Base – the lowest surface of an object, upon which it rests. Similarly, a surface upon which another object rests, even metaphorically as a "base of operations." Also, chemically, the opposite of an acid.
Bass – the lowest/deepest range of musical notes, or the voice/instrument that produces them.

Chord & Cord

Does the Internet cry if you blog about a rotary phone?

Band & Banned

As in, "You and your armband-wearing, flying-V–playing, synth band get the fuck out of my club!"

Miner & Minor

With an E – A person who digs a mine.
With an O – Small in size, significance, etc. A person under the legal age of responsibility. A musical term relating to scales with certain intervals lowered by half steps. Also, a secondary, subordinate educational degree – but that implies the "lesser significance" definition, doesn't it? So I didn't draw anything for that.
(Of course, I suppose the musical "minor" implies that definition as well, with the lowered notes. But I did decide to include that in the picture. Well, what can I say? I'm an illustrator, not a linguist. And definitely not a perfectionist.) :)

Red, Reed, Read, and... Read

Two pairs of homophones today (reed & read, red & read) which contain an overlapping pair of homographs – words that are spelled the same but pronounced differently (read & read).

PS,
To our colorblind friends, sorry for the big gray square up there. (And to our black and white purists, sorry for straying from the format.) I toyed around with some iconic "red" items, but making them black and labeling them red just didn't seem to work as well as simply having a big red square. Luckily "blew/blue" is the only other color homophone I'll have to deal with, so this won't be an ongoing concern.