First cropping then resizing

I've seen a lot of posts about how to crop and resize clips in Vegas, most seem to not understand the inverted pan/crop technique. I do understand it, at least I think I do, but i don't understand how i can both crop and resize a clip at the same time.

What i want to do is to do is to crop and use only the center of one clip that I have. I then want to resize this cropped part of the clip and use it as a Video Overlay clip above another clip only in the upper-right corner.

Do you guys understand the question and can this be done?