Whats with the Low on memory crash when rendering using 32 bit in project properties, when i use 8 bit it works well. The video clip is AVCHD 1990x1080.
This can be a problem for Vegas 8 and now possibly Vegas 9. The work around I found was to move my page file to my secondary hard drive (in Windows Virtual Memory settings), and increase to page file to 1.5 times the amount of RAM on my system. Also, be sure your project properties are set to match the video you are importing.