I keep hoping I can snuff out torches when in dungeons, but the vanilla game doesn't seem to have that option. Is there a mod for this?

Off topic question- is it possible to wear more than one ring at once?

You can wear two rings by default but there is a tweak in wrye bashes bashed patch for unlimited rings or amulets. You can douse torches with arrows from http://www.tesnexus.com/downloads/file.php?id=9655 mod.

Did you mean like http://www.tesnexus.com/downloads/file.php?id=14761

Thanks