Lights.exe
(Microsoft)
Microsofts Modem Monitor Applet. System Tray program which is used by a number of Microsoft and non-Microsoft programs to display a modem with two red/green activity lights so you know when your modem is communicating. Nortons PCAnywhere is one such non-Microsoft program which makes use of LIGHTS.EXE to show you when data is going through your modem.
Recommendation :
Leave alone. When the program which started LIGHTS.EXE has completed its job and exited, LIGHTS also disappears from the Task List.