I'm sorry but i'm a newb to Vegas 5.0 and i've looked everywhere ~ but when i cut/copy a video in vegas, the cut portion is nowhere to be found. Manual says it's on the clipboard, which doesn't seem to be visible from my project screen.
The clipboard is not so much a visable object (there are in fact Clipboard Viewers) as much as it is a virtual holding place/space. Copy = Ctrl/c places it it in the Clipboard space and Ctrl/v takes it from that space and applies it into your application.