Sure, several:

A] - External Mask: An Overlay MASK positioned on track above target Event created from within a graphics package having saved the transparent channel.

B] - Internal Mask 1: An Overlay MASK positioned on track above target Event created from Vegas Generated Media > Colour Gradient

C] - Internal Mask 2: 2 Overlay MASKS positioned on 2 tracks above target Event created from Vegas Generated Media > Colour Gradient. Gradient ONE being the TOP bar and Gradient TWO being the lower bar

D] - Pan/Crop: Cropping with Pan/crop. Yeah, well .. not my choice, but it DOES give an immediate fairly little control of its central drift. If you MOVE the "F"rame, then the movie slips up or down. Way of madness!!

E] - BEZIER MASKING!!! - Favourite for me. Loadsa control. No need for extra tracks ( A to C above); Do NOT need to create mask from another package and confirm transparency channel; Does NOT effect position of Event IF you should wish to MOVE the letterbox up or down ( as per D); completely flexible with regard to HOW big or small; you CAN Keyframe the letterbox POSITION in time using the keyframer; you can feather the edge too! What more do you want??

BEZIER MASKING.

#1 - Click on Pan/Crop on THAT Event

#2 - Make sure you CAN see the Pan/Crop KeyFrame Timeline - yes?

#3 - Engage "MASK" by checking the empty box and set Grid Spacing to MAX - 64. This allows for precise ANCHOR positioning later.

#4 - If you DON'T want the Mask, at present, to move, then make sure you disengage the Sync Cursor Icon - as you have just opened this Menu then it should be anyway, but I've had it engaged from a previous session. So just make sure it isn't. And move your Keyframe cursor to the beginning of the timeline.

#5 - Click the anchor creation tool - located up there on the LEFT of the menu. Your Cursor will now become a little Pen nib! Ah bless!!

#6 - Now create 4 points by clicking the NIB somewhere OUTSIDE the actual Event image that correspond to the 4 corners of your LETTERBOX. and finish-off by clicking ON the very first Anchor. You should now have a LETTERBOX! - If you want the edges of the LETTERBOX to show - that is the actual sides too, then position the points WITHIN the image.

#7 - If you now want to tweak, then click on the "Normal Edit Tool" again up there on the left of the Menu, and proceed to "adjust" by selecting each point, grabbing and moving. Use the 64 grid marks to position each of the 4 points accurately. While I'm doing this I mostly check/look at the Preview window while adjusting.

Anyways, Bezier has my vote! Be warned though, if you SHOULD place anything on a lower track to this LETTERBOX then it will be seen as a top and bottom border!! LOL!

Hope this helps,

Grazie