Step 1: Find the volume of the cylinder that would fit in the same cube.
The largest cylinder that fits inside a cube of edge $l$ has its circular base inscribed in a face of the cube, so its radius is $r=\dfrac{l}{2}$ and its height equals the edge, $h=l$. Its volume is:
\[ V_{\text{cyl}} = \pi r^{2}h = \pi\left(\frac{l}{2}\right)^{2}(l) = \frac{\pi l^{3}}{4} \]
Step 2: Use the known ratio between a cone and a cylinder of the same base and height.
A cone with the same base radius and height as a cylinder always has exactly one third of the cylinder's volume:
\[ V_{\text{cone}} = \frac{1}{3}V_{\text{cyl}} \]
Step 3: Substitute to get the cone's volume.
\[ V_{\text{cone}} = \frac{1}{3}\left(\frac{\pi l^{3}}{4}\right) = \frac{\pi l^{3}}{12} \]
Final Answer:
The volume of the largest cone that can be carved from the cube is $\dfrac{\pi l^{3}}{12}$, matching option (A).
\[ \boxed{V = \frac{\pi l^{3}}{12}} \]