J from K: No it won't, that's exactly Einstein's great discovery. The light from the torch travels at 186000 miles a second relative to the torch travelling at 1000 miles a second. It ALSO travels at 186000 miles a second relative to an observer sitting in a deckchair who is watching the torch flash by at 1000 miles a second. The reason that both these statements can be true is that time slows down (relative to the sitting observer) for the torch. If I've got my sums right, "torch" time is slow by about 15 minutes per year.

If you google for the Twins Paradox, you'll see a full explanation of this effect.

That's the interesting thing about things that travel AT the speed of light: although from their point of view, time passes perfectly normally, from our point of view they have no time at all.