Working with proxies in Vegas
 

This workflow is from David Young of Sony PSE.

How To Import the USB Proxies
Use the View XDCAM Explorer
Next Use “Import XDCAM Disc”
In the case of proxies on a USB memory stick navigate to :\mssony\pro\xdcam\memdisc\“MyDiscCode”
Make sure the Full Res is unchecked and the Proxy Res is checked
Click OK
Important to use this method otherwise you can’t conform with the high resolution content!

Do your edit in Vegas with the proxy files.

Next you need to swap the proxies for the full resolution files.
Ensure your disc with the Full resolution clips is in your XDCAM device
Click Conform in the vegas XDCAM Explorer
Click Device and either:
FAM mode: change the drive letter to the drive with the disc inserted
FTP mode: log into the XDCAM device which has the disc inserted
Ensure “Trim clips to used regions when possible” is checked to only bring in required sub-clips
Click OK to return the Conform Dialogue Box
Click Continue to Import the necessary High Resolution data

and that's it.