thanks for the help, one of my tech guys answered my question, he says the effect is video texturing of an object, very simple to do he says, so thanks for trying to help
If you need that level of sophistication then I think you need more than Vegas as it doesn't support 3D objects. There's probably ways to make it look like it does but....
It's a simple effect, you create a 3d object in a 3d program and you texture a video file to the object, assign a path and green or blue screen the background.
Then you render to avi and use in Vegas over whatever you want
Or you can have the background as a different video in some 3d progs
Since I saw the effect a couple times here, I thought Vegas might have it as an FX or something
Anyway, if anyone wants to float video on 3D objects just look for video testure object in a search engine, it's pretty common stuff