Vegas Capabilities: Can it do this....

I have limited professional experience with softwares such as Vegas, however, I'm looking for a product that will allow me to create the following desired effect:

Using default Premiere effects/macros or 3rd party plug-ins, is it possible to use the volume or frequencies of an audio track to manipulate the colors/palette of a video? For instance, low volumes result in a blue overlay while highs are red with other volumes represented dynamically by the range between the two set colors selected. I'm looking for a completely automatic application of this effect as basic keyframing simply won't produce the accuracy or detail that I require.