What exactly do I need to do to make the color etc... "Broadcast Quality". I assume it's mostly color corrections but I don't know if it's anything else, and I don't know what kind of color corrections to do.
You have all the tools you need, in Vegas. Vegas has so many C/C tools it's silly. HSL, curves, C/C, Secondary C/C, Color Balance, Convolution Kernel, Chroma blur, Levels, Black/White, Broadcast levels, Brightness/Contrast....
it's more about learning to USE them. Use these tools to correct for over exposure, under exposure, creating a specific 'feel' by the way you correct/shift color. Use the tools to match cameras together so that cuts from one cam to another are color-matched/seamless. Use them to correct skin tones to make them natural (or unnatural) and use them to create atmospheres. Blues are cool, reds/yellows are warm. You might want very saturated colors for effect, or desaturated colors for same.
Read Steve Hullfish's book on color correction, a 4 color, EXCELLENT book on scopes and C/C practices.
It's all "broadcast quality" in terms of the spec, and in terms of what Vegas/DV can do. The question is, is your work up to a level that you'll feel good about it being broadcast, and that folks will want to watch it because it looks "right?"
I've had stuff broadcast already from other systems that I've worked with. Commercials, etc... but I have no experience with anything in terms of C/C other than live switching using a VT2 and some Proc Amps on the fly while still trying to make everything flow on the screen.
BTW: are the ranges of "Broadcast Quality" different from 7.5-100 ire ???
I've read on the toaster site that they can do under the 7.5 which will produce better blacks.
Is this able to be done in vegas video too???
Vegas can output with or without setup. All NLE's can. This somewhat tells you that Toaster is misleading in information. Broadcasters (usually) require setup, which is black at 7.5 IRE, which is the same as 16 RGB. There is no real "black" in broadcast, just dark, dark grey. Same with white, there is no pure white in broadcast, just bright, bright grey.
Vegas provides filters to allow for setup at various depths. Or not. Just like Toaster.