I'm looking to do a credits roll in the beginning of my film for school. Its mostly action orientated so im going to have a person do a stunt, then have it pause right during a good part then only there body is visible and everything else blacks out then the picture goes black and white and in the black area there name shows. After that the clip resumes normally. Ive looked up forums for how to do the cookie cutter and i didn't have much luck. I'm sorta new to Vegas but i just got Vegas 7. Any help is appreciated!

Rather than messing with cookie cutter or masking to leave just the persons body visible, for ease I would export the frame into photoshop and black out the area there. Import it again and place that at the point you want the freeze. Hold it until you want the action to restart and let the video go at that point.

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cut the clip where you want the freeze , then freeze the that clip with the velocity envolope,
use the bezier curves in the pan scan button, then copy the clip to the lower track, unchecked the bezier in the bottom clip and add the B/W filter to the clip with perhaps some Gaussian blur.