It's raining heavily as I write this. It's raining is from the verb 'to rain'. It isn't snowing, hailing or thundering at the moment but it might snow, hail or thunder later. Snow, hail and thunder are verbs, too. Now, what about 'lightning'? Is that a verb?
Yes, according to the Oxford English Dictionary (it developed from the verb to lighten). Here is a version of the Hans Christian Andersen story The Princess and the Pea with the phrase "... it thundered and lightninged ..." (line 5). The phrase "lightninged out" comes up quite often in sports reports, such as this one from an American paper (7 lines from the bottom) and this one from a British hockey club (line 2) (in British English hockey is a game played on grass; if you want to specify ice hockey, you must say so).
So, what happens when I want to say "it is thundering and ..."? Should it be lightninging, given that the usual way of forming the present participle is verb + ing? If you search for lightninging on the internet you will find examples on forums, although generally not in newspaper reports or literature.
Most people would say "it was thundering and lightning" and forget about the suffix -ing. Journalists would probably write "there was thunder and lightning", since lightning is more commonly a noun. Steven Pinker in Words and Rules says that when a well-known suffix is already part of a word, it feels odd to add another one. That's why people have trouble with adjectives like friendly and leisurely when it comes to forming adverbs from them. It seems odd to add -ly as you would with other adjectives like gentle or warm. Friendlily? Leisurelily?