Laurie and Zanzo, thank you both very much for replying very quickly; I really appreciate it!

Laurie, being new to Poser, I wasn't sure what you meant by "inverse square falloff," but I already do have a point light situated above the torch; so I lowered that down to 50% intensity, and did a render with indirect light turned on like you suggested. Once again, I'd like to note that I have also have a point light in the ceiling of the cave (@ 40% intensity w/blueish hue)... I don't know if that extra bit of info is useful or not.

This is the result I got with just a Point light w/50% intensity:

 

Next, I did as you recommended Laurie, and mapped the texture of the torch tip to the ambient color node; and gradually adjusted the ambient value. The point light is still situated on top of the torch, so I'm using both light sources at this point, as you suggested... and this is what I got:

 

I wanted to try the amb. value at a higher number, so I kept going up by 50 everytime; after hitting a value of 200, I got a look that I liked from the torch, but now there were shadow artifacts (splotchy spots) being emitted everywhere on the wall, ground, and other objects in the scene. It looks as if I put a multiplied layer of an indifference cloud from Photoshop over the scene:

 

The above render has an amb. value of 500. I really like the way the torch came out, but now the surrounding area has a 'splotch' look to it... almost the same look as flashing a light through a camaflouge net onto a wall. Is there anyway to get rid of the shadow artifacts, but keep the intensity of the light/ambient light? If not, I guess I'll have to try a happy medium, and do some post work in Photoshop.

I'm getting closer to the look I want though... thanks for the help Laurie!