Capture the video wherever you want, it could be in Vegas or VIrtual Dub, or even Windows Media Encoder.
Start up Vegas
File - Open
Open movie clip up
the very top above the movie is a blue bar, be also aware of
the slider bar down below
move your mouse to the move bar and manipulate the segment
of video they you want to have (blue bar start to finish would be
the segement)
now choose File pop down menu
then Render As
Choose your format
There's your segemented clip.
I think the mpeg2 codec in Vegas is pretty good, I get about
1 minute at 30fps per 30MB, I burn a whole DVD in one file
at 2.5 -3 gigs.
Then I take that and MBR it up to 700k in Media 7 encoder.. and
stream it intelligently.. works killer
There is no way in Vegas (at least that I know of) to auto chop
into segments. VCD Cutter does though;
http://www.seller-club.com/~vcdcut/