No, it's a plugin for VirtualDub
Welcome to virtualdub.org! - virtualdub.org
You need to download and use VirtualDub. It's a program to apply various filters to video. You would need to pre-process the video in VirtualDub, then import it into Vegas.
You used to be able to use VirtualDub filters in Wax (a plugin for Vegas) but I don't think it works in Vegas 7. Anyway, it's just as easy to pre-process in VirtualDub.
Andrew