yes, it is possible provided you had your 3d text created in a separate program. I've done stuff similar to this but not at this scale. One thing Vegas lacks to really do this is a real virtual camera like AE or Combustion.
Using 3D track motion however and A LOT of tracks, it is very possible.
Cheno, I am considering AE or Combustion for just this type of work. How would you compare the two for virtual 3d camera work? I am interested in technical capability and ease of use considerations.