RAINBOW EFFECT TUTORIAL BAKERSTUTS [SONY VEGAS!] (Requires Plug-ins)
I forgot to note, you can add/keyframe brightness and radial blur (sony vegas) to do SUPER AWESOME COLOR FLASHES!!!!
I know it doesn't look exactly like it, so if anyone has a rainbow-y stock clip/ moving overlay, send it to me so I can improve this effect. Big props to BakersTuts for his awesome edit. BEWARE: You need Newblue FX and Magic bullet looks.
Optional: ReelSmart Motion Blur (RSMB)
Remember, this effect gives a good optical effect for overedits and up-beat edits. I suggest you use it right after a shot, to give it more impact.