A friend of mine turned me on to this application called Deshaker :
http://vegas.digitalmedianet.com/articles/viewarticle.jsp?id=28849
However, the instructions talk about downloading and installing a second application called Virtual Dub. Then, it talks about being able to process any clip on any track in Vegas, "just run the script" and viola !
I cannot figure this thing out. It's not within Media FX or Event FX, it's not in the plug-in list, so.......duh !
Any help would be appreciated.