I've no experience with Oblivion modding, so I don't even know where to begin. I'm just curious if this is even possible; Could you make the Light spell a toggle that, when activated, brought up your left hand with a custom pose and animation to 'hold' the light spell and from there function more or less like a torch as far as being able to wield a weapon in your other hand? If it is, could you point me in the right direction as far as how I might do this?

I'm just picturing a roguish adventurer creeping through dark tunnels channeling a light spell in his free hand rather than one with a floodlight strapped to his chest

I'd probably make a summonable torch with an invisible handle to simulate the "floating light". Not the best possible solution, since the hand should probably be palm up, but not bad.

you try holding your hand like that for the entirety of a dungeon crawl! It would get old, really fast.

LAME has a summon torch spell, and a summonable "twinkle" which basically acts like a controllable will-o-wisp that is a light source ( it can be told to stay, dim the light, and increase the light(after dimming of course))

Other than that I'm not aware of anything like what you're asking for. If you're asking for something like http://www.robbooker.com/blog/FIREBALL.jpg with a "light ball" floating slightly above your hand that would likely even require new animations.

Thanks for the quick replies (Except for you, Turambar. That's irrelevant.)

Yeah, phoenix1213, that's more or less what I'm looking for - I'm aware it might require new animations, but I was just asking if that sort of toggled casting animation is possible in the first place - to hit the casting key, have the hand come up with a custom animation, and then stay there until the spell is cast again or another spell interrupts it, or you try to block, or something.