Velocity Envelope - I'm not sure if this has changed since v4, but to see the envelope in 7, right click the track header and select "Add/Remove envelopes" from the context menu.
If you don't have that option, then you're not running Vegas 7, you're running Vegas MOVIE STUDIO 7. Movie Studio does not have velocity envelopes. You can, however, slow down and speed up events by holding Ctrl (or is it Alt) while draging the event ends.
Music Video Effect. I may be totally wrong, but I've always assumed this is basically a strobe effect. Unlike a strobe light, you don't have "black" between the visible frames, but repeat the visible frames.
You could also try motion blur (though I'm not sure if VMS has that) or a combination of the two.
I'm sure Grazie will know the answer and know many alternative ways of approaching this.
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Tim
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