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Here's my first feeble attempt at Mark's approach...
Still has a ways to go obviously; my handle on Carrara's shaders isn't as deep as it should be.
Uh, let's see:
Simple (hidden) cloud mesh with a squashed sphere distributed over it via a surface replicator.
For the sphere shader: Simple gray color, Noise Factory alpha, turbulence displacement
One high-intensity bulb in the middle.
I guess this is a good place to start; suggestions?
This is FUN!