Kevob, I like that effect too. Personally I create as many tracks as the number of windows I want and lay a different video in each track then track motion it to the size I want and the bottom track will have the background media. If soemeone has a better way of doing it please post, here's an example of what I want http://www.getreactiv.com/Videos/tinbangs.html
I know it was done in FCP, but how would you do it in vegas?
If you're talking about picture-in-picture or just having several clips on the screen at the same time, you do with with track motion, or you do it in the pan/crop tool. Or, for best results, both (crop to resize; track motion to position).
You mean like drop-on effects? No. But even if there were, to customize the effect to get it to work exactly the way you want would probably be as much work as doing it with pan/crop and/or track motion.