Alright, to start things off, everyone knows what this is and has seen it at least once in their lifetime. I'm 98% sure that "film burn" is absolutely the wrong name for what I'm talking about so I implore you to correct me if you know.

I'm referring to those red/yellowish line things that dance on the edge of the picture (very popular to see more often than not in skateboard/snowboard/motocross/action sports films).

What I'm after now is if there's a way to recreate this effect in Vegas (or After Effects) and how.

Any help is appreciated.

Film clutter is what I've heard it called. I used the fire media generator to
make mine as overlays. If you slow some samples down you'll see it
can be very complex with old film effects. I believe some samples are here.

http://www.adigitalfilmlibrary.com/collections/160?page=3

Once you see the samples making them becomes more apparent. Good Luck !

Yes, thank you, that's the stuff I was talking about.

But as far as using the fire in media generator, I'm not seeing it anywhere? I'm running 7.0 so unless you have 8, I'm assuming you mean lava in noise texture then do you just keyframe the pan/crop tool to get what you're after? Thanks.

Exactly
The more you see the more you realize there are no rules.
Sorry lava not fire..... Also you can use chroma key effect to make parts of it see through. Think also film effects which has jitter lines and dust.