The same problem happens to me. The audio and text renders but not the video. The text is on a chequered background so it is transparant (according to vegas pro help) and shows up on the video when viewing the project in vegas pro. Rendering is a whole different story. I have tried moving the video to different tracks but still no video wherever I put it. I have also tried different formats i.e wvm, acv, avi, mpeg1, mpeg2 etc and still no video just black background but text appears wherever I have set it to.
All tracks are the same colour. None are muted and none are soloed. It is more complicated than that. My thoughts are with the hardware. Maybe the graphics card is the problem. I have 3 tracks. Top track is text, 2nd track is the video. Nothing on the 3rd video track and then first audio has the music.
Apart from that all I can do is bang my head against the wall or curse the program and wish I had spent the time making the video with some other program.
Lastly no solve on any search I have carried out using google and I have tried many different combinations.