Now I'm not sure how to do this and I've tried a couple of ways but with no good results. Sense i probably won't explain it that good i'm going with picture by picture to help you help me
Here's the original clip i wanna add effects to.

Now it's going to make a downward motion.
http://i29.tinypic.com/2nrd5og.jpg

So i imported the movie into Sony Vegas Pro 8 and this is what i did. I added 2 time lines and added the video to the top and a solid color (red) to the bottom time line. Then i added a Chroma Keyer (Green screen) to the video and adjusted the color so it covered my green ball (It's not all the way but Ill work the out later)


Now that i have the ball the color i want. I want it to glow. But how would i make a green screen ball glow with a solid color? That's what I'm asking. Remember, it's a movie so i wanna have it glow where ever the ball goes in the movie. Now I'm not talking about blurring the green screen because then it makes the middle less red. I want it to keep as red as i want and be able to change the glowing amount.

Here's a picture example of what i wanna make it look like sorta.
The reason i wanna do this is because i don't want to have to mask it all the time. So help would be greatly appreciated.