What version of Vegas are you using? Not that it matters, but you didn't say.
Does this happen with all projects? Even a new one created from scratch?
Are you running the media manager? Again, it may not matter but then again, who knows?
The two options I can think of are to reset your prefs to default or to uninstall and then reinstall Vegas. seems like you've got somre sort of corrupt file. You can reset your prefs by holding down the shift key while starting Vegas.
Before resets and re-installs, and if you want to, and IF you can, try and render bit by bit. Highlight bits incrementally. Start at the end. See if you can get away with small portions of the whole project. Discover at what point the render falters. Skip that part and then render the remainder. Start to home in on the suspect area. Then get really busy with those few frames that are giving you grief. Eventually you'll find it. Concentrate on this section. Carefully examine all the parameters and start adjusting back - make default - the settings. I bet you'll find it!
However . . . and after a truly head banging episode during a project I did last year, I found a clash of settings amongst 20 odd frames where I had employed: Borders+TrackMotion+ChromaKey+ColourCorrection , and as I was at the end of a tight, real tight timescale, I was reduced to taking BEST quality snapshots , yes frame by frame, until I had the sucker in the bag. 20 or so frames later, and spread on a separate instance of Vegas, I then render-out this "precious" section, plopped it BACK into the original project's sequence and proceeded to do a first render JUST of this tiny sequence. Held breath. Now 3:30am in the morning ... and it worked!
Moral of story? Get on with the job and find "another" way to skin this particular "feline". The complexity of the parameters, the work I was demanding of my machine, the way rendering works - AND I HAVE no idea how this does work! - must've conspired against me to make the rendering crash the system. I really don't have time to disassemble a project to discover which item WAS doing the nasty on me. I just had time to do the frames thing.
I've said all this above because it would appear that when you "changed" the media - PNG - you got success. Maybe, just maybe, you have a clash of media parameters that is not allowing you to even "change" the video settings. Reading that you get success when you change media might just indicate that there is a "clash". But until you crawl all over the project doing incremental renders, maybe "chop" it apart, start at the end, start in the middle, or whatever, it is a bit of a needle in a haystack - yeah?
Is it possible for you to post the kinds of media and their particulars here? Need to know a bit more about the variables - yeah?
. .and yes, this is not just weird, it is infuriating in the utmost.
Yes Bob, I read that too, but I also took note of his, "Hmmmm. Just tried it with a png with generated media, no problem." - It was the "change" of media that got me thinking, thinking about how media OR parameters on media could be causing this.