He has brought the music into Vegas and expanded the view on the waveform then cut the sequence to the peaks on the wave form. I did a similar vidoe in Vegas 5 coincidentally using the same music:
http://www.youtube.com/watch?v=BZ3388exoO8
The only way you will really be able to do this is to try and have a go at it first. Then come back and ask if you have problems