I completed my first Vegas movie yesterday, and decided I wanted it in a different output format today, and I had a near coronary when Vegas crashed upon opening the project today. Every time. I tried the trick of moving the media files (because the timeline said "Media Offline" on-screen before crashing), and that didn't save me. The crash report information at Microsoft said the problem was caused by FRAPS, which surprised me, since I didn't think FRAPS was required for Vegas.

Anyway, out of desperation I downloaded the latest version of FRAPS and my project now loads and renders perfectly. No idea why it worked yesterday, but there you go.

I guess Vegas refers to the FRAPS codec when loading the project though, so perhaps that's how a FRAPS upgrade fixed it. Oh well. I'm happy now, and pulse is returning to normal.

EDIT: I capture my raw video with FRAPS... this shouldn't be a problem if your video comes from a different source.