The chart at the bottom of the page (Link below) says Vegas can open a SWF file, but can no save one. I am looking to open a flash animation to start a video project. I will then save the whole thing as a QuickTime or WMV file:
It's one of the new features in V5... but I've never had to use it either. Apparently, you can't import flash video, though... just graphic animations.
I figured out what I was doing wrong. You have to export the file from Flash as uncompressed. I think the default is "compress", so I unchecked it and could pull the swf file into Vegas.