What it does it change the luminescence data into colour data.
You can achieve similar effects with some filters in Vegas (Gradient Map, Curves, and Pixelan's ChromaWarp 2), but none of them is quite the same.
With some versions of Vegas, it's possible to use Wax (http://www.debugmode.com/wax/) as a plug-in, and in turn use VirtualDub filters in Wax. It doesn't work with Vegas 12, however, and the program is no longer being developed or supported.
So my question is - is there any filter already available for Vegas which can achieve the same effect as Luminescence Band, or alternatively, is there any supported software which can allow Vegas 12 to use VirtualDub filters?