> I have not yet explored any Vegas extensions.
Jill, Ultimate S Pro can do the same as Excalibur. You could trim all of the media outside of the regions or markers and optionally ripple them to remove any gaps caused by the trimming all with one push of a button. You would be left with a timeline ready to edit.
Before you purchase either tool, I would download the free trial of both Ultimate S Pro and Excalibur and see which one fits your workflow better.
In the interest of full disclosure, myself and Douglas Spotted Eagle are the authors of Ultimate S Pro.
~jr
http://www.johnrofrano.com
http://www.vasst.com