Well.. I thought I had fixed it myself by pressing SHIFT+WIN upon starting Vegas. I read somewhere that can restart the registration process? When I did that, it was able to complete the activation and run Vegas. Then, when checking email a little later I saw that MAGIX finally responded and reset the counter for me. Either way I’m good now.
I guess the moral to this story is be prepared to wait up to 5 days if you hit your limit, under the current support system MAGIX has in place.