I usually don't bother with the playback rate setting. Hold the Ctrl-key down and drag the end of the clip left to speed it up or right to slow it down. The audio & video stretch together.
I tried to ctrl click and it seems to cut a lot of frames out when you drag the event from the end back to the left to try to speed up the video and audio.
I just want to be able to take a 10 second event and play it at 8x the normal speed without it altering the video. Just make everyone move a lot faster....lol
So you want to increase the frame rate to ~240 fps for part of the video?
Sorry, that's not going to happen. Speeding up video is done by dropping frames and / or resampling, not by varying the frame rate. ;?)
You'll only be able to get a 4X speed up. That's Vegas' limit. If you want to go faster you'll have to render the 4X sped up part to a new file, then bring that new file back into the project to be sped up more.
When you say "ctrl click", did you actually Ctrl-Drag? Hold the Ctrl key down while dragging the end of the event to the left.