You could download a free 30 day trial of AE7 from adobe and then use Andrew Kramers preset. You could watch his tutorial and do something similar in Vegas using the mask in Pan Crop but it would be a serious pain.
You could also use ParticleIllusion. They have a tutorial at: http://www.shockingtales.com/illusion/tuts/lightsaber.html
ParticleIllusion also has effects such as complex falling sparks, flashes and electrical arcs that could be added as well.