Don't you just love Sony Vegas? I love it too <3 Nice video~ I'm not too worried about the effects and stuff, because I'm sure you'll eventually get it with more tries.
One thing you might like to look at is your resolution so that it looks good on youtube. Because atm, you see "black bars" on the side (if you're looking from YT page). Try this:
Also read the description on the side. Depending on how fast your computer is, I recommend using the 640x360 option. My comp isn't fast, and rendering a 3-4 minute video with lots of effects in 1440x1080 took me 2.5 hours. 2.5 HOURS. And usually it'll lag so much that I can't do anything else.
1280x720 is alright, if you have a fast computer. But unless you're planning to watch it on TV, maybe 640x360 is a good start. xD I'm sure there's lots of SV rendering options to fiddle with too.
But nice start!