Here's a quick tip which is really useful if you're editing footage on the timeline. I've been doing this for so long that I've forgotten how useful it is until someone recently saw how I was editing and commented on it...
Get a mouse with a thumb button and set it to pause/play the timeline. In the case of Vegas this is "Enter". Personally I never use the thumb button for "back", as is the default, so I have it set to "Enter" in all programs. But if your mouse has program-specific settings like the Microsoft ones do then you can set it just for your NLE.
Even better get a mouse with a second thumb button such as the Microsoft Wireless Intellimouse Explorer 2.0 that I use and set the front button to be "delete" or "split", depending on your preference.
If you're used to play/pause with the spacebar then now you can do most of your ripple editing with just the right hand leaving your left hand to scratch your head or whatever. And clicking the thumb button is much quicker than moving back and forth to the play/pause commands on screen.
I wanted a mouse with yet one more button so I could have both "delete" and "split" but the button programming sofware was buggy.