I'm using VMS6. Are there audio filters of some sort that filter voice to sound like the voice you hear on a telephone receiver? I'm guessing a low pass filter should do it.
There is a preset for a telephone sound. (Note: I hope this is included in VMS -- I see it in VMS 6, but I have upgraded to the full Vegas on the same computer, so it could be something Vegas installed):
Right-click on the audio and select "Apply Non-Real-Time Event FX".
Now double-click "Parametric EQ", and click ok.
In the Parametric EQ screen, locate the "preset" drop-down list and select "[Sys] Phone line effect". Click the "play" button in the upper right corner of the FX window (near the OK button) to hear how your audio will sound. You can play with the center frequency and the bandwidth and adjust as desired.
Somehow it still sounds "a little too clean" after the bandpass filter, so maybe some other effects would help. (Like the "Distortion" FX?)