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I can confirm you probably have to deinstall the trial version. I even had two trial versions installed (version 12 and 15) and after I deinstalled both of them it worked. :)
There is entire troubleshooting threads with known vegas problems that you could have taken a look at vegascreativesoftware.info not to mention alot of old profesional users who might have better input then steam forums. Regardless how often you practised reinstalling OS it's still very much overkill.
1. Open Regedit : Run -> Regedit
2. navigate to HKEY_LOCAL_MACHINE > SOFTWARE > Wow6432Node > Sony Creative Software > Vegas Pro - Steam Powered
3. Delete Vegs Pro - Steam Powered
4. Delete your local content
5. Re-download
After that I installed and instead of Steam saying installing "1 of 1 files" it said "of 3 files".
It works now. Thanks to the support of the steam community.
Thank you :)
P.S. I rendered my YouTube intro to test and it worked. It activated the AAC/MPEG4 codec successfully.