Hi Dave,
You're mad!
Just kidding - but - you are confusing Dynamic Range (number of stops of brightness) with Analog to Digital Converter resolution (the number of bits) - it relates well back to the "height of the staircase -v- the number of steps in the staircase" analogy.
Lets examine things in terms of highlight and shadows (since these are the "ends" we're trying to extend the dynamic rance to cover) ...
To "set the scene" (or "Define a scene that would require true high dynamic range"), consider a dolls house on a table with a large window directly behind it - and the objective is to capture the full tonal range of the dolls inside the dolls house -AND - the full tonal range of the trees, grass, and white fence visable through the window.
For a starting point you choose an exposure that correctly exposes the outside of the dolls house.
Remember the above sentence - as it sets the reference for everything that follows.
So - we've got a correctly exposed outer dolls house - through the window we've got grass and trees that are brighter than the outside of the dolls house - but still within the range of the sensor (thus captured) - but the white fence is a couple of stops brighter again and - unfortunately - exceeds the ability of the sensor to capture it. Read that last sentence again ... it exceeds the ability of the sensor to capture it - the photosites are fulls saturated, and in essence, it becomes a blown highlight. No amount of post-processing is going to be able to recover the white fence simply because the information the information describing it just isn't present in the capture.
Inside the dolls house things are very dark - and as a result there is only a tiny amount of light reflected off the dolls inside. The sensor records these few photons reflected off the dolls inside the dolls house, but the final exposure also contains low levels of noise ... and unfortunately the photons counted by the sensor are indistinguishable from the noise introduced from other sources - and again - no amount of post-processing is going to be able to seperate the shadow details from the dolls from the background noise; so again, for all intents and purposes, the shadow details just don't exist.
From here, lets consider two possible paths ...
Path 1 - is the true HDR path - 2 additional exposures are taken (one for outside the window, one for inside the dolls house) - these captures contain the required details and can be combined into an HDR image.
Path 2 - is a "psudo HDR" path where the original - single - capture is re-processed into 2 more additional files. Unfortunately, this approach fails: the file that deals with the bright end still cannot reveal the fence because details of the fence weren't contained in the source image (remember that it was too bright and fully saturated the sensor resulting in a blown highlight). And the file that deals with the shadow detail inside the dolls house fails also because the values relating to the figures inside the dolls house are indistinguishable from the noise floor - so any attempt to amplify them amplifies the random noise as well).
So ... by definition, you can't make an HDR image from a "normal" dynamic range capture - just like you can't get 2 litres of water from a 1 litre container without refilling it!
Hope this makes sense!