With a video that long, you need to adjust the MPEG bit rate in Vegas using a bit rate calculator. By my calculations, you’d set it to a CBR of 6400 or a VBR of 8000, 6400 & 3800. This assumes you’re rendering the audio as AC3.
Place a marker (M key) at the beginning of song #1.
Place another marker at the end of song #1.
Repeat for all songs.
Now double click in the area above the timeline between markers 1 & 2.
The section between these two should now be highlighted.
If anything other than this happens, try it again and raise the cursor a bit higher in this blank area.
Now select “File – Render As” and select “Wave (Microsoft)(*.wav) in the “Save as type box.
Give it a name (song 1.wav for example).
Before you click “Save” be sure to select the “render loop region only” box. This way, only that song will be rendered.
Repeat the above steps for each song.
All you can do at this point is to make the white area less white. Because the picture has been over exposed quite a bit, all the detail is gone and can’t be recovered. Sorry 🙁