I'm working on a simple 2 cam edit and am applying some color correction to one of the tracks, but when I run the Excalibur Multicam Wizard, the Track FX don't carry up into the master timeline -- it looks the same as before I did the color correction... is there a setting I can change in Preferences, or do I need to render the color-corrected track as a separate AVI file and then work with that?

Edit: I think I figured it out -- use the FX button on the clip itself, and not on the left side of the track in Vegas, to apply the color correction, then it should carry up into the master timeline.

...use the FX button on the clip itself...

You got it !!
That way, the entire clip is CCd, no matter how you cut it up.

You are correct. Track effects CAN'T carry up to the master track (or you'd also get that effect on the OTHER camera too.)

Fortunately, here are three very simple solutions:

1. Apply the effect to the EVENT on the track instead of the track.

2. Apply the effect to the clip in the PROJECT MEDIA.

3. Render the clip out with the effect applied and then use that rendered clip instead of the original.