i was wondering how to get the effect where every thing is black and white except for one color (orange specifically)

I have heard of this being doen with After Effects but no where else
Any help would be appreciated
thanks.

Here you go....
http://www.videoguys.com/Vegas_Tips/TTS01-11.pdf

The better newsletters (http://www.jetdv.com) are:

Vol 2, #10
Vol 3, #4

The New Blue colourize plugin will do this as well - pretty easy to use. There is a demo you can play with

You learn a lot more about Vegas through Edward's method but I agree with Fergus about the NewBlueFX Colorize filter. Very simple to use, very effective and very tweakable. You can also retain more than one colour if desired.

For old times sake I took a look at the pdf Terry and Edward linked to. Although I've been a user of Vegas since 3 (version, not age) that was the first of Edward's wonderful newsletters I ever read. And I remember following that particular tutorial almost trembling with excitement at what I discovered I could do with Vegas!