Fortunately, I found a way to remove noise and hiss from audio using Sony Vegas and another program called Audacity. The beauty of Audacity is that it's a free download. Free is a very good price if the program actually works. Click Here For Free Download.
How To Remove Background Noise From Audio – The Video Tutorial
Step 1: Download & Install Audacity to your computer (remember where you saved it)
Step 2: In Sony Vegas, make Audacity The Preferred Audio Editor by selecting Options – Preferences-Audio Tab – Browse for Audacity (On my computer it's C:\Program Files (x86)\Audacity\audacity.exe) – Apply-OK
Step 3: Select the audio clip in Sony Vegas - Right Click – Open Copy in Audio Editor. This will open Audacity in a new window. I prefer the Copy Audio option so the original isn't touched.
Step 4: Find a noise sample and highlight it by left-clicking and dragging. It's very important to only select the noise you want to eliminate and nothing else you want to keep like vocals or other ambient noises.
Step 5: Click on Effects – Noise Removal – Get Noise Profile (Window will disappear).
Step 6: Now left-click and drag entire audio clip.
Step 7: Click on Effects – Noise Removal – OK (Whole audio clip gets cleaned up).
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Step 8: Save File – pay attention to file name and save location. Use WAV files to keep quality.
Step 9: Import new “clean” audio clip into Sony Vegas. If your results are like mine, you will hear a significant difference.
Hopefully this helps some of your audio woes. If you try this out please let me know how it works for you. Comment here or on the YouTube channel.