I also have the same problem with Vegas 7.0e (Build 216).
It looks like a memory issue. I solved it by muting tracks and rendering them in groups.
The project has 20 video and 6 audio channels. The render progress always gets stuck at a constant point. I realised that the frame it gets stuck is the timecode where events with track composition mode set to 3D Alpha channel gets heavy.
I checked the memory Vegas uses while the project is loaded. It was around 200MB. (%20 of physical mem.) The 14 of 20 tracks were set to 3D Alpha mode. To test it, I tried reducing the channels by muting 1 by 1 and it started normal rendering after muting half of the 3d Alpha channels.
I suggest you try muting channels one by one and find the event that makes render process to get stuck. When you pin it down, render it as solo and load the final output in your project to reduce CPU and memory usage.