J, i highly recomend ultimateS plug-in. thats what me and about everyone else over @ MD use. LMK if you need it.
it will synch 4 cams and just split the preview screen. then you can see whats happenin' on every camera, and you just hit a button to change screens! simple as that. there's a frame and red "record" button on the camera that you've selected. dreamweaver wrote be a great tutorial if you want that as well. once you've made all the marks you select step 2 of the quad-cam and bada-bing! your mix is done. usually i watch it all the way thru (keeping quality on "preview" so it flows) and try'n catch any f' ups before I render it.
vegas is on'a them programs thats overwhelming at first but the more you use it, the better you get at it.
example;
1st show i ever mixed:
http://www.youtube.com/watch?v=7P-u4h-a6p8last show i did:
http://www.youtube.com/watch?v=LDIwOkDMylAhint on the effects:
when i'm making mixes I keep one window open w/ that, and another one w/o the 4cam. after i synch all the sources (as the rest were saying, zoom in on the audio where a song starts or ends & its relatively easy to line up) I save the project, then open it again and apply the UltimateS quad-cam plugin. 'cause what it does is make each camera angle 1/4 of the screen, and sometimes I like to do split screen effects or overlays, and when doin that you naturally want the videos to be full-screen and you can shrink or overlap then, then I render the scene that has the split screen/overlays (i save it as a time code, like 00035600 would be 3 min, 56 seconds) and c/p that into the wherever camera 1 is (it'll appear as the full screen, don't worry bout that, just make sure you have a cut to camera1 where it starts).
the effects are generally more applicable to 3 or more cams, 'cause it looks dumb to have a split screen return to one of the same screens, but its still good for overlays when you actually want an overlay and not a crossfade.
i do wish they'd upgrade it to like 8 cameras, i've done a few 5-6 cam mixes where I just left the least used track at the bottom and whenever I needed a shot, I'd check 'em out, and c/p what I wanted in camera 1