I just installed Vegas Pro 10 32 bit and MBL on my new Win 7 64 bit laptop and MBL is not showing up in the FX list. I installed the same thing on ym wife's laptop with the same OS and it works.

Magic Bullet does not work in 64-bit Vegas, only 32-bit and, since Red Giant has dropped it, you won't see a 64-bit version.

I'm using 32 bit Vegas on my wife's laptop running Win 7 Home Premium just like mine and it works on hers though.

Sorry Stan. I missed you saying that you installed only the 32 bit version of Vegas.
I have no suggestions as it should work for you but you already know that :(
Have you tried an uninstall and reinstall of MB?
Did you re-boot to see if it showed up?

All of that. There is even a patch that is supposed to be for ATI graphics card, which I have, and that didn't work.

The latest update of Looks (1.4.3) does not include Vegas support but the previous version does. Have you installed from the same source? If you are installing 1.4.3 then you are out of luck I'm afraid.

Something else to look at - does your ATI card meet the minimum requirements?

Tell us more about this patch - I wasn't aware of any patches since 1.4.1 which addressed problems with ATI cards.