Nick ~
Vegas is most likely not able to see the audio codec involved with your MP4 files. If you download the Gspot utility
https://gspot.en.softonic.com/
and interrogate one of your files with it Gspot will tell you which codecs are needed to decode it.
Better still download and install Ffdshow (Open Source software), you need the 64-bit version, it works well on Win 7. It’s the top listed download on the site as of today at:
https://sourceforge.net/projects/ffdshow-tryout/files/SVN%20builds%20by%20clsid/old%20builds/
In most cases this will fix most of the MP4 codec play back issues associated with Vegas.
If you really want to solve the problem read my posts starting at:
https://forums.creativecow.net/readpost/24/906738
as this may help you in an easier and more efficient workflow for handling MP4 files in Vegas 9.0. If you still have problems post back again.
Chris Young
CYV Productions
Sydney