Bezier masking is when you want to mask only a specific area and want to create a Unique shape. Removing a greenscreen back ground is called chromakeying. Just drop the chromakey FX on the clip and then use the eyedropper tool to choose which color to key out.
You can also create static masks by importing black and white Images.
To see how this works, start a new Vegas project and add two video tracks.
On the top track Add generated media and add a checkerboard pattern that is black and white. Add a video clip to the lowertrack. Then add the Mask Generator FX to the checkerboard and start adjusting the sliders and see what happens. Then if you want to play more with compositing, Remove the Mask Generator Effect and Click on the Compositing Mode button of the top track. It is in the track header and is green on my system. When you click you are given a list of many compositing modes, play around with those and see what each of them do.