well i dont use vegas so no tips, but that wasnt really editing. all you did was cut from clip to clip, with one or 2 fade outs...i mean its a start but not really editing.
the sony protype titler is a big thing to learn how to use. also just keep making edits. watch edits, see what they do. here is my vimeo page, im not a great editor, but you can kinda see what i did with sony. my tramp edit is prob my best so far. also if you press m it puts up markers to line stuff up wiht music.
<br>
<br>
<a target=_BLANK href="http://www.vimeo.com/user305223">http://www.vimeo.com/user305223</a>
google search... "Vegas 7 editing tips" or effects or something like that... tons and tons of great sites there to help you... creative cow is one of the best pages.