I am having a similar problem with Vegas Pro 9. I am using Visat Ultimate, 6 gig of ram, an AMD 9850 quad core, and a video card with 1 gig of ram, all being used on an Asus board. It renders some videos fine, but with some, it just freezes seconds into the rendring process.
I just rendered a one hour video (not HD) with special effects, several video tracks, several audio tracks with no problem.
I now have a 10 minute video with three video tracks, one sound track, and consists of only photos, and it sits there stupid and frozen.
I let it sit for an hour, and nothing. I have to use task manager to free it up.