"How do I change the speed of my video in Sony Vegas so that the speed slightly faster or slower? How can I apply this to the video and make it work? When I changed the video playback rate on the Sony Vegas timeline, I went to Make Movie and it wasn't in fast motion."
The options for speeding up a video in Sony Vegas are a little quirky. You can adjust the playback speed by applying a video effect, but it doesn't always "take". In my own testing of the playback speed, the video plays back faster on the timeline, but doesn't take up less time on the timeline. Doubling the speed of a 1 minute clip doesn't actually shorten it to 30 seconds, for some reason.
The solution is to manually adjust the playback speed of your clip. Hold down the CTRL key while dragging the end of your video to either speed up or slowdown playback. You can verify this worked by viewing properties to see that the Playback rate has changed from 1 to something higher than 1. There are limits to how much you can increase the speed, so you can't take an intentionally slow clip and bring it back to actual speed, for instance. Watch the video for a demonstration of how to do this:
Do you have the latest version of Sony Vegas?