how can this be achieved in vegas?

That is a film burn effect. You can buy stock footage of films burns from ArtBeats and the like. Or roll off some of your own 8/16mm film, telecine it and overlay it on your footage.

Normally you will have a clip of a few seconds in length that you would place on a track over the cut and alter the transfer mode (to screen/overlay) so the footage seems to "burn out" with the transition.
 
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