Nhat,
I have also been using the 32-bit Vegas on WinXP 64 for a number of years (since version 5…totally pre-64bit Vegas) but when I got a new WinXP 64 workstation, I just went ahead and installed the 64-bit Vegas, without looking at the Vegas Pro 9.0 box sitting under my desk which lists the system requirements. I didn’t run into any problems until I got the .m2t files to work with. I had started to go down the same workaround road you tried… rendering the audio track out as .mp3, though I was doing it in Sound Forge. I think that would have worked, but the nature of the work I’m doing is making a lot of short clips for the web from the longer files. I think that having the audio an actual separate file would make that process pretty tricky. One of the other things I tried, that didn’t work, was using VLC player to convert the .m2t files to something I could play and hear in Vegas. I’m not sure if that didn’t work because I was not selecting the right combination of settings, or that the VLC convert function doesn’t work well… I found a number of comments to that effect on the web.
I’m hoping that I won’t run into the low memory issues you are reporting. I’m not doing any Blu-ray work (yet, anyway), so hopefully I will be ok on that count.
I suppose the real answer here is to upgrade the operating system.