Within Vegas is there a way to set up to capture every nth frame?
Besides time lapse creation, it also allows one to index a whole tape unattended. This was easy in Cinestream (till they stopped supporting it in Win XP) -Thanks -Jim G
There's a fairly cheap product to do just that, think it's called Speed Razor. It'll log a whole tape in next to no time, gives you a list of scenes with a thumbnail, you select the ones you want and off it goes.
To 'drop' frames from an already captured video use Undersampling.