Is light cream the same as whipping cream?

No. Light cream typically has a lower fat content than whipping cream (though a higher content than half and half). Fat content can vary, but typically light cream is at about 20-30% fat, whereas heavy (whipping) cream is at 30-36%. Because of the lower proportion of fat to liquid, light cream does not whip. You can whip it all day and it will basically just look like foamy milk.