After exploring to create a cloud page  this is the way i have created one for my site

Follow the steps

1) create a php file with tagcloud.php

<?php
/*
Template Name: Tag Cloud
*/
?>

<?php get_header(); ?>

    <div id="content" class="narrowcolumn">
 		<h3 style="font-family:Arial, Helvetica, sans-serif; color:#CC6600">Tags Cloud</h3>
        <div class="tag_cloud">
            <?php wp_tag_cloud('number=0'); ?>
        </div>

    </div>

<?php get_sidebar(); ?>

<?php get_footer(); ?>

2) upload this file to server in your theme folder
in my case as i am using default theme i have uploaded to “totusinfo\blog\wp-content\themes\default”

3) Login to admin section click on create a page
4) Enter title of your page
5) Choose Tag Cloud from the Template Drop Down and click update/create

Now your tag cloud page is ready
EnJoy!!!!!