In magix music maker there is an option to enter serial codes to activate newer versions. Is there a wizard or dialog box in vegas 14 I could open to enter a new serial code to upgrade to a newer version (version 15 pro edit)?
You will need to purchase Version 15 and receive a new serial. There is a good deal on Version 15 at Humble Bundle right now.
I got the key there already, which is why I am asking if there is a wizard or dialog box where I can input the serial in vegas 14. Is that an option, or do I need to register the serial number online and download the software directly?
You got the program download link with your purchase. Download and install. Pay attention to the instructions on the screen and act accordingly. The previous version will stay as it is and you do not need to uninstall it.
More here https://www.magix.com/us/support/technical-support/ and https://www.vegascreativesoftware.info/us/forum/vegas-pro-faqs-and-troubleshooting-guides--104787/ points 9, 10 and 11.
You can have both versions installed at the same time. So, rater than upgrading from 14 to 15, you need to install Vegas 15 separately.
Yes. Adam, as the other Adam says, the "upgrades" (i.e. a newer version) are separate and do not overwrite your previous version(s) (e.g. v.14). The "updates" are new builds of a version and overwrite the previous build.