I have a dvd of a wedding. I imported the mpeg to my timeline to edit. To keep the quality good, would i first rerender it as an avi, or keep it as an mpeg and render the edited stuff as an mpeg? THANKS:)
Every rendering (except uncompressed) causes some degradation. The trick is to start with the highest quality you can and limit the number of renderings. Mpeg to Mpeg gives serious degradation. AVI to Mpeg gives less degradation because you are starting with more information. But Mpeg to avi to Mpeg might be a toss up with Mpeg to Mpeg. Try a small segment and see what it looks like.
You mean the MPEG smart-rendering ? No, earlier versions of Vegas don't support it.
You can of course go from MPEG - > MPEG directly in V7 but everything will be re-compressed.
If this is a simple editing job, software like Womble MPEG Video Wizard can do very fast smart-rendering of MPEG material - [url=http://www.womble.com/products/mvw.html] - it's currently only $34.....