Is time lapse possible using Vegas 5.0?
A real esate staging client is looking for a before and after a la TLC's "Trading Spaces"
Grateful for any suggestions on achieving this.
You can speed up video to a great extent, if this is what you want. You can add a velocity envelope to speed it up 3x, and then Ctrl-"squish" the clip (or increase the playback speed) another 4x. These two together result in 12x faster. If you need more than that, render to a new DV .avi file and repeat on the new file for 144x, 1728x, 20,736x, 248,832x .... faster, or whatever ratio you need.
If you'd rather have the camera capture a frame at regular intervals then you'll need some sort of capture software designed to do this. Or, you could record the whole event, use Vegas to export various frames as sequential still images, and assemble these stills back into a new clip.
I use a Canon 10D with the timer-remote and a 1GB Cardfile. To test it, I set it up to shoot one frame every ten seconds of a window installation. I then moved all the JPG files into a directory on my editing computer, then loaded the "images as a sequence" into Vegas. You're own your own from there.
You can also do greater than 12x speedup with the Time Bandit script without having to make multiple rendering passes. Time Bandit is part of the Veggie Toolkit.