What is the Chinese word for a Chinese lantern? What is the Chinese word (/ what are the Chinese words if more than one) used to describe the Chinese lanterns which the Chinese use to celebrate (Chinese) New Year (those that go flying up in the air once they are lit and the fire inside them starts to burn) and which have become so popular throughout the world and commonly used virtually everywhere to celebrate such an event?

Is it 灯笼, the common Chinese word for lantern found in Chinese dictionaries, or is it something else?

Thanks.
灯笼 means lantern in the general sense, that is, a portable lighting device or mounted light fixture used to illuminate broad areas.

The hot air balloon you described is 'sky lantern', which is called 天灯 (sky lantern) or 孔明灯 (Kongming Lantern) in Chinese.