Mormons do believe in the Bible, and in verses like John 17:
“These words spake Jesus, and lifted up his eyes to heaven, and said, Father, the hour is come; glorify thy Son, that thy Son also may glorify thee: As thou hast given him power over all flesh, that he should give eternal life to as many as thou hast given him. And this is life eternal, that they might know thee the only true God, and Jesus Christ, whom thou hast sent…
I pray for them…That they all may be one; as thou, Father, art in me, and I in thee, that they also may be one in us… And the glory which thou gavest me I have given them; that they may be one, even as we are one: I in them, and thou in me, that they may be made perfect in one; …that the love wherewith thou hast loved me may be in them, and I in them.”

But what exactly happens after this life or what those verses mean (to be “one with God”, made “perfect” in Christ, to be “saved” or be given “eternal life”, and to be given the same glory as God), - I really don’t know. Mormons simply see God as a Father - who wants to give His own children all that He enjoys, and is trying to teach them how to be ready for it.

To be honest, though, I personally (and many Mormons to a great degree - as you can probably tell from this blog entry) kind of just leave exactly what happens after this life in God’s hands - and focus more on using their talents to make today better, and to make this world right now a better place. Here is a quote from Brigham Young (the second president of the Church) along those lines…

“I preach, comparatively, but little about the eternities of God, and the wonderful works in eternity; and do not tell who first made them, nor how they were made; for I know nothing about that. Life is for us, and is for us to receive today.”
“[Our work] is a work of the present. The salvation we are seeking is for the present, and sought correctly, it can be obtained and be continually enjoyed. If it continues today, it is upon the same principle that it will continue tomorrow, the next day, the next week, or the next year, and we might say, the next eternity.”
“If we are saved we are happy, we are filled with light, glory, intelligence, and we pursue a course to enjoy the blessings that the Lord has in store for us. If we continue to pursue that course, it produces just the thing we want, that is, to be saved in this present moment. And that will lay the foundation to be saved forever and forever, which will amount to eternal salvation.” (Journal of Discourses 8:124; 1:131)

Does that help answer your question?

I also want to chime in on this one. Your question really has two parts and I think its important to single them out:

“If Mormons lead a good life, they will be like gods” is the first part–that implies that we think we can work our way into heaven - and even more audacious, become gods. We don’t really think that. We think that we show our devotion to Jesus Christ through living by His commandments (as He asked us all to do - if ye love me, keep my commandments) and then with His “grace” or mercy, or atoning power (which all mean the same thing), we are purified and able to go to Heaven. . . and, yes, eventually become gods AND goddesses (women don’t get left behind one bit).

The second part of your question is really just the doctrine of who God is and our relationship to Him. This is where Mormons really are different. Joseph Smith actually SAW God, and when he saw Him, he realized that God was an exalted man. He looked like a man (only glorified), and talked with Joseph “face to face” (as he did with Moses). Joseph Smith taught that God really is an exalted Man– eternities more glorious, intelligent and powerful than us, however. And so he taught that as puppies grow up to be dogs, and chicks grow up to be chickens, this level of glorious exaltation is also the natural progression for man.

So, yes! We believe that there is some divine potential within us. We don’t believe that as soon as we die, we receive a deed to the planet Zepron IV or anything. Joseph Smith also taught that we have LOTS to learn in the next phase of our existence, after we die, but eventually, we will progress to the level of godliness.

Even though it is different–I think this teaching is REALLY cool and really hopeful. I hope you can see it that way too. We are worth so much more than meets the eye.