Hello twisted...
try a few of the presets in either of the Sony Color Corrector fx functions... then give the Sony Curves a look as well. . . there are a number of presets to reversing the colors in the color correctors. Then try adjusting each color on its own in the Curves fx... that looks like fun to me...
I believe amongst those three, you'd find a good facsimilie of the real psychedelic medium of the day... then look for a font called Fillmore; I think it might complement the video very well.
Just for starters, experiment with placing the Infra Red Colour Curves FX on the Event. Then add changes to that over time by using Keyframes. Then add the other "freaky" CC Fxs, say Blues and yellows PLUS Negative shadows. If you have a PyschD Flower pattern but this on the top tracks and make it a child to your Video Events Track and use an ADD compo. Way cool man . . . far out . . . Jefferson Airplane . . . DOORS and Jim M
More like what this guy is doing with his hands and his background in this youtube video. I'm just a beginner with pro 8 so can this be done with only the included effects and coloor curves?
Another I have used that worked well. Make 2 additional copies of the shot you want and place each on individual tracks. Change opacity of each to 33% and displace two of the tracks by 2-3 frames. Then adjust color with curves so that one track is all red, one blue and one green. When there is no movement the effect is subtle but with movement the color goes all over the place.
I know you wanted to use the existing effects of Vegas but there is a FREE plugin by NewBlue, cartoonr, that is very trippy, has a ton of presets and can add some very cool psychedelic effects to your project.