I've got a bit of live sound (with bursts of wind noise) for which "rubber banding" audio level control might be a nice simple way through. So far as I can see this isn't a Vegas capability. Suggestions? Yes, I know plug in an audio editor, which I haven't yet done.
If you right click on the audio track area at the far left, you have the option to insert/remove volume envelope. I think this will give you what you are looking for.
Vegas has "rubberbanding." With the audio track selected, press the letter "V" or choose Insert/Volume. You'll see a blue line. Double click to insert envelope handles. Rubber band away....