I just recieved my upgrade copy of Vegas 5+DVD 2.Therefore, I don't plan on using Vegas 4/DVD1 anmore. Am I entitled to transfer my ownership of Vegas 4/DVD1 to someone else????
No, because you bought an upgrade. If you purchase a full version of 5, you might be able to do so, I don't recall what's in the EULA. But buying an upgrade is based on you owning a full version, which you would no longer own.
Call Sony Vegas CS. I wanted to do the same thing, and was told that I could either continue to use Vegas 4, or sell it. If sold, you have to get another activation code for the new owner. That copy will not be eligible for an upgrade, since you've already used the upgrade for that copy. But you might want to check, just in case.
Yes - you can transfer V-4 even if you used that SN to upgrade to V-5. The recipient of V-4 won't be able to use that serial number to upgrade in the future.
You'll need to call customer support and provide them with your name and the buyer's name. Then, the buyer will need to call them for their new SN#.