Putting transparent images over video

You could try creating a mask around the image. Insert the image on a video track above your existing video, and with the track crop tool found in the clip of your image, "cut out" the image that you want to preserve by creating a mask.
 
What type of image? If it's something like a network "bug", you'd create it with an alpha channel, then just put it on a track above your video.

If it's a solid image but you need it to be transparent, you can change the opacity of the track so that everything becomes see-through.
 
The newer versions of vegas can import Photoshop files with a transparant backround. No need for alphas if you can save as a .psd.
 
Well im using Vegas 5.0 and i tried importing a photoshop picture with a transparent background yet it still apeared black, do you know what i could be doing wrong?
 
Right-click and choose Properties. In the Media tab, set the Alpha channel from None to Premultiply or one of the other options.

Gary
 
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