Just solved a problem I was having. I was trying to open a project I haven't opened in a while with Sony Vegas Pro 8.0c (same version used to create it) and Vegas just would hang upon opening/loading the project at 35%. It would just sit there and then become non-responsive to windows. I tried deleting the Vegas Peek files, but same issue. The project would not open.

Solution: Move your video files or assets into another directory or just rename the directory it's in so Vegas cannot find your media. This will immediately load your project within seconds with a prompt from Vegas to where your media is. Relink and you're good to go. Not sure why it does this but this works. Hope this helps some.

Actually this may work because there is an asset or assets that is tripping up Vegas. By moving your media's location or renaming the directory, you can step through loading your items and pinpoint what asset is the issue.