I use version 8.0c of Vega
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I use version 8.0c of Vegas Pro and routinely work with files that are two hours or more in length — 25-30gb. I’ve never experienced the lag that you’re describing.
So, I suspect that the problem lies in your computer, or in the way you have Vegas configured, more likely than not the former. I’m presently using Windows 7.0 on my computer although I used to use Vegas 4.0 and XP and never had problems either.
You might search the Sony Vegas forum for threads discussing buffer size in your Vegas setup; incorrect allocation of memory can negatively impact certain functions in the program. There are also threads discussing slow performance generally which might prove helpful.
If you’re joining the Vegas forum for the first time, be sure to include all the specs regarding your computer setup as this will help forum members diagnose your problem.
Jack