I think the answers about it being an underwater lava formation sound reasonable. If it were in/around a cloud, and maybe a bit more transient, I'd be tempted t

I think the answers about it being an underwater lava formation sound reasonable. If it were in/around a cloud, and maybe a bit more transient, I'd be tempted to say it was a red sprite: http://en.wikipedia.org/wiki/Sprite_(lightning) http://en.wikipedia.org/wiki/Sprite_(lightning) Sprites/elves are my favorite atmospheric effect :)