I don't have my rig in front of me right now, but your suggestion sounds promising, I will try it! I'll post back.
Thanks!

I am just a guitarist,I could not afford to pay for the amount of studio time I needed to complete projects. So I jumped in the DAW ocean and now I'm drowning. Can somone please walk me thru the connection process realll slow. Although I like the plug-ins that come with vegas, I would like the to utilize outboard gear if I want. This is my set up:

Mackie 1202 VLZ Pro.
Vegas 3.0
Acid 4.0
Focusrite Platnum Pentium
Lexcon MPX 100
Echo Mia card
Pentium 4
512ram
40gb audio
30gb data
Win98

Echo mia outs going into Mackie 1202 VLZ Pro Left/Right Channel inserts 11/12.
Echo mia ins going to Mackie Alt 3/4 left/right out. Focusrite Platnum Pentium going in insert 1, I plug my guitar directly into Focusrite and adjust the settings. At first I had my Lexicon going in Focusrite via side chain using y-cable. I was not able to record instrument with the reverb effects.

Your problem is with the way you have the Lexicon reverb connected to your mixer.
These connections should get you what you're looking for.

Master AUX send 1 of 1202. Connect this to the Inputs of the Reverb. Adjusting the individual aux sends on each channel will adjust the level going to the Reverb.
Outputs of the Lexicon reverb, connect these to one of the Stereo input channels of the 1202. Make sure the AUX1 sends on these channels are turned all the way down, otherwise you will hear feedback. Make sure that stereo channel is routed to your Stereo 3/4, which it probably is. The direct signal of your guitar is now the original channel on the 1202 you are pluged into. The reverb signal is now on the stereo input channel. Mix these channels level to get the amount of direct signal to Reverb signal you are looking for.

I'll bet you currently have the outputs of the Lexicon connected to the Aux Return inputs of the 1202. This will allow you to hear the reverb and get's routed to your monitor output, but this reverb signal does not get routed to your Stereo 3/4 outputs. This is the typical way to record, where you want to only record the direct/dry signal, but you want to be able to hear the reverb. Reverb is later added when you're ready to mix. But if you want to record the reverb then you'll have to put the outputs of the outboard gear into a channel that routes to those outputs (ie Stereo input channels).

i usually print my lexicon efx to a separate track in vegas.
i take the vocal thru a direct out of my mixer into vegas.
the efx go thru subs 1/2 to a stereo track in vegas.
i dont pile the vocal and the efx together since i may change my mind.

this being said...once you get your efx into vegas you will need to "slide" the event to the left to be in sync with the dry track due to latency. since ASIO, the slide difference is much smaller.
this can be a problem with reverbs because the latency become Pre-delay. it can work for or against you...in other words, setting predelay is not so important, but you must line up your tracks later.

They are using an Echo Mia soundcard which is 2In/2Out, with an additional spdif In/OUT. That will limit your ability to recording seperate dry and wet tracks simultaneously, unless you decide to go MONO on the reverb, which would defeat the purpose of recording it at all. The only other way to accomplish this with the Echo Mia is if you can somehow send either the wet or dry signal to the spdif IN, and that's probably not possible with the 1202 mixer.

To record them seperately would therefore require, recording the dry signal and then playing that back and recording the wet signal. Looking at the original question, that would require some further background knowledge to achieve. The best thing would be to only record the Dry signal, and then add the Lexicon reverb during mix time. Given this statement "So I jumped in the DAW ocean and now I'm drowning." I think this knowledge might be a little overwhelming at this point.

my best advice sell the lexicon and get some "good" plug ins for you pc I have a rack fullostuff for sell! and my $5000 dollar recording console is in the closet I am down to motu sound cards for 16 channels in and a shit load of tube preamps!! only other outboard gear is twin tube guitar processor and a patch bay I love my new ultra clean setup!!i even allow drinks in the controllroom now! the plug ins from sonic foundry are just terrible compared to others!