The cloud of darkness supersedes all light sources, whether its the sun, a torch, or an object glowing from the light spell (which for all intents is a glorified torch). No light functions inside the cloud of darkness, because the ability specifically states that it blocks all line of sight, and doesn;t care what light source generates the line of sight.. Also, if the source of the light is within the cloud of darkness, it wont shine out of the area, again because it blocks all line of sight, it's like a door has been shut blocking the line of sight.
Worry more about the cloud of darkness, and not the light spell. The light spell simply creates a light source like a torch. You guys are trying to get way to meta-gamey with this, it's really a lot easier to figure out that you are making it.