I tried FX video level/contrast and a rectangle appeared. I tried other effects and got the same. Same video on Vegas 10 works fine. Tried updating and it wouldn't install. Any suggestions would be appreciated.
Looks like you've got something hanging out on another track, so mute all the other tracks and see if it goes away.
If that's your actual FX we're seeing, start a new project set to match your source dimensions. You do this first, not later.
Figured out that when I click FX, pan/crop also comes up but as a 'pop under'. It's on the desired brightness/contrast selection and I'm not able to remove pan/crop. Youtube says ctrl + shift when starting Vegas will reset any defaults. Unfortunately it won't work with Vegas 14.
Resetting does work but your problem is not in your settings it's in the Pan/Crop & FX you've applied to a clip.
It's unclear what you are trying to do. Using the Pan/crop Preset Default should get rid of the grey box but it will then fill the screen which is probably not what you want. As Musicvid suggested you've probably got something hanging out on another track (above). Tell us what you are trying to do and give a screenshot of your timeline.
Does this version have the split screen effx option?
David you had the answer. Above the video monitor I was clicking the down arrow to get several choices. I didn't realize the icon to the left of the down arrow had two selections. I clicked on the left and I'm back in business. Thank you everyone for your help.