Seach for my name and you'll find a post on this issue. In fact, I'm not sure what the problem is, but in fact, Vegas accepts SWF files (does not support sound, though). I just had some problems trying to render the file as MPEG2. The final result was weird, since elements from the background such as light, stars, suns; were all out of place if compared to the original swf file. Johnny says it's something related to flash 5.0....I don't know. If you want an advice, if you're trying to encode from SWF to AVi for editing purposes, try Magic SWF2AVI. Just drop the AVI onto Vegas timeline and edit it. The only drawback here is that transitions between colors from the original swf file (from light to dark colors) are shown as stripes. Yes, stripes; something I hadn't experienced when I used Vegas (despite the fact the drawback there is the one described above). It's difficult isn't it? ;)