I just want to do some analysis, I'm not good at proposing hypotheses.
I would also personally like to preface the rest of my argument with the fact that I believe this light is some sort of reflection or refraction
caused by said cloud cover.
I don't think police car, only because a cop would not have his lights on in town for 90 minutes or so. It's possible that the lights stayed on due
to testing of the car's functions or something, and small movements (surely they were small if you were fully zoomed, and the clouds are really far
away) could be attributed to cloud movement (reflection thus becomes distorted and wavy, and seems to move). I still think this is unlikely.
If the light was to the EAST, then I would say you were seeing the first freakishly impatient bit of a sunrise, but you said to the south. "Southern
lights", like "northern lights" (Aurora Borealis), exist, but typically closer to the poles and more consuming of the space in the sky. Since the
camera was able to pick it up, I highly doubt this because these lights would be highly indistinguishable.
Have you seen the light on clear days, unknown313? If so, then the concept of a reflection from the surface becomes somewhat less believable (though
still possible due to the atmospheric density gradient). A refraction of light is still likely, though, so a planet is still a number 1 guess.
Planets, through proper atmospheric conditions (especially through dynamically changing atmospheric conditions like we have on Earth), can change
colors rapidly and even seem to move a bit sporadically with a general course across the sky at the same rate the stars move.
Despite the darkness of the stormy night, I believe that this object is above the cloud layer and indeed outside the atmosphere in space if it is not
a reflection. However, I wouldn't guess UFO; I believe personally that a celestial body, through the optical sciences, is playing a neat little
parlor trick on you. Don't invest in invasion bunkers just yet
Nicely done, waiting to come here until you had video evidence, though.
EDIT: something sounded weird, so I fixed it.
[edit on 14-5-2008 by pondrthis]