I tried scouting around the web and could find no solution to this issue, nor could I find that anyone experienced this same issue.
Basically, Vegas recognizes my external monitor (going to the options and clicking on "identify..." will correctly identify both monitors). However, when I try and activating the external monitor display, all I get is white on the external monitor! I tried playing around with the settings, but no luck. NVidia drivers are updated and so on. Also, this has worked on previous versions of the software, when it was still Sony Vegas. I am using Sony Movie Studio Platinmum 15..
Thanks in advance!