Steve Mann, a regular on here, posted an interesting solution in the Best way to transfer project to another drive? thread on Creative Cow that you should look at.

To quote from the thread:
On the root of each external drive, I copy this batch file: 3603_makedriveb.bat.zip
This batch file makes the current drive look to Windows like drive B:.
When I drop the hard disk into a dock, I run this batch file and then all my file references are to drive B:, regardless of the actual drive letter assigned by Windows.

I'd post a link to the batch file but don't want to do so unless it's OK with Steve.

Mike

I'll save you the trouble:
http://dl.dropbox.com/u/1421565/Vegas/Make_Drive_B.bat
(Right-click and do a "Save Link As".

Steve, thanks for posting that.
I was going to send you an email but I got tied up doing other stuff tonight and didn't get around to it.

Mike

In Windows 7 and Vista you can use symbolic links to resolve your problem. A symbolic link is like a short cut but instead of being saved as a file, they are registered to the file system. This means they do not use hard disk space but programs recognise and can read where the link is pointing to. A symbolic link can point to any file or folder either locally on the computer and over a network using a SMB path.

You could set up a symbolic link on each computer to point to the parent vegas project folder, and assign it to an empty folder. It could look like this:

PC1 c:documents\vegasprojects -> points to e:\vegasprojectsPC2 c:\documents\vegasprojects -> points to f:\vegasprojects

Because the links are registered with the file system Vegas will properly find the files on either system.

I use symbolic links with Vegas for a different purpose. I have these three symbolic links set up:

documents\1vegasprojects -> points to documents\videos
documents\2captures -> points to g:\captures
documents\3renders -> points to h:\renders

Because of the number prepended to the symbolic folder names these folders are at the top of of my documents folder, making it easy to find them fast from within Vegas.

Find more on symbolic links here: http://ipggi.wordpress.com/2009/09/07/windows-file-junctions-symbolic-links-and-hard-links/

/jerry

I like symbolic Links (and their sister, the libraries) and use them here. The problem with Symbolic Links over Subst is that links require the target volume to always have the same drive letter. You can't guarantee this with external drive docks. When you mount an iso drive or plug in a USB drive either in a docking station or a thumb drive, Windows simply assigns the next available drive letter. Subst doesn't care what the assigned drive letter is.

Steve

Steve, I don't think this is an issue with the op's situation. But if it is you can mount external drives in their own (empty) NTFS folder which eliminates the problem with drive letters. For example, I used to have have a series of external archive disks. When plugged in, each would automatically mount in its own folder (e.g. archive2008, etc).

>The problem with Symbolic Links over Subst is that links require the target volume to always have the same drive letter.

/jerry