Need more Help with Vegas Movie Studio Platinum 9.0 Speed up/Transparancy

I am continuing to make my video and some simple tasks are seemingly impossible to put through :( Nothing in Help or I just can't find how to do..

1) How to speed up an event/separate video file?

2) How to make the event on the other track that being put agaisnt the background event to be transparant on all edges?
It should be smoothly incorporated.

See the pic and don't laugh :]]]

http://i46.photobucket.com/albums/f108/Nefariouslash/Vegas_pic.jpg

1) if you mean a mouse cursor than it seems like the draging it back (a zigzaz line shows up) just crops the file till where i stop the cursor, but the speed remains just the same.

2) Just checked, it was "None". So I changed it to "Premultiplied" as recommended in Help. I just didn't know that transparancy connects to alpha, and where to search info.

Will have to study this part and probably will manage after that. Though if you have a quick idea what to try to do, I'd appreciate it of course.

Hi Mike!

I will try to do the 1) again tonight and see if i get any "box".
As for the 2) it is video files both, they placed on different tracks and are layered against one another due to the reduced opacity and size of the above one (Aragorn/Arwen)

So, it's not a still image.
I wonder if there any functions (even in your Vegas) that let to wipe out the hard outlines of the frame so is just faces seen against the background video file, and not the whole frame.
Might masks be helpful? Just like in Photoshop. I saw Vegas had them, too, though I had't read on them yet if they could be any of help in solving my problem.

Thank you very much for your councils guys. it was helpful indeed. I now have an idea at least of what to search/read up and experiment with.