Charles,
CCaption has a software only solution that creates 32bit mov files with captioning encoded. After enabling the alpha channel you can import them into Vegas and render the captioning movs right in with the rest of your timeline. The way the text gets into the mov files is by properly formatting a Word txt file according to the CCaption instructions. There are commands for time code entry, pause, end etc.
I bought the software about 8 years ago when it was about 1/6 of the cost that it is today.
http://www.cpcweb.com/
This is still the cheapest in-house solution I know of.
Erik
