This issue has surfaced again but this time I have a reliable work around for myself. This cost me hours of time once again recently when I could not open either Vegas 12 or 14 so I want to share my solution in case you also get hit by this.

I'm running Windows 7 Professional, Service Pack 1.

If either Vegas 12 or Vegas 14 hang up at the "Creating windows..." splash screen I do the following:

"Ctrl-Alt-Del" then "Start Task Manager" then select the "Processes" tab.

Click on "Microsoft Pen and Touch Input Component" in the list and then click on "End Process".

When prompted "Do you want to end 'wisptis.exe'?" click on "End process".

Vegas 12 or 14 then finish opening up successfully.

I'm not concerned with the "Microsoft Pen and Touch Input Component" as it restarts immediately. Also my Wacom pen tablet is not affected by this.

Your mileage may vary and I can't guarantee this will work for you (but I hope it does if you have the same issue).