I had an issue with this. Are you using the trial? Sony Vegas disables a lot of codec support for trial users, regardless of what is installed on the computer, like advanced DivX and weird and wonderful Sony formats funnily enough.
Otherwise, fresh install and update is all I can really suggest.
I felt exactly the same way you did, but I don't think it is necessarily Sony's fault. The big expensive codecs you would usually pay for as a stand alone product are disabled, as trialing them would probably breach some sort of agreement between the companies that integrated their product in to Sony Vegas.
Stupid policy. I spent hours and hours trying to work out why the native format of my SONY camera would not work. It was formatted in some special quick time format too.
I had to import all my footage in to After Effects and export it as AVI before I could cut in Vegas. I have moved on to Premier Pro now. As much as I hate it, the workflow has become much better in CS6 between after effects and Premier Pro.
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