Try this suggestion from a poster on the Sony Vegas forum.
Extract the file to: C:\Program Files\Sony\Vegas 7\Script Menu
You should see a folder in the Script Menu entitled “Vegas Quake.”
You can either go to “Tools-Scripting-Vegas Quake” and execute the script, or go to “Options-Customize Toolbar” and add the Vegas Quake icon to your toolbar (which I have done, it’s an italic caps Q in a shaded blue square.
Either way, select a timeline track and region, then run the script or click the icon. A GUI will give you the various options, click OK and off you go.