Well, I think that person used a plug-in called "twitch" from AE and played w/ the colors but
1. Input you footage and duplicate your track
2. Turn the opacity down to about 50% on the TOP
3. For both tracks open pan/crop
5. Slightly zoom in both tracks so that you have a fair amount of space e.g.http://i296.photobucket.com/albums/mm170/shadowmysticwarrior/Glow2-2.png
6. On the TOP
track use pan/crop on the horizontal axis (add keyframes etc.)
and for the coloring you can use "glow"
here's the original image I'm using
Now add the glow effect and colorize it to the color you want e.g in the video it's aqua thus:http://i296.photobucket.com/albums/mm170/shadowmysticwarrior/Glow2.png
Now just add some original glow(color: white) play around w/ the settings, you can also use the effect "Color balance" http://i296.photobucket.com/albums/mm17 ... low2-1.png
Play around w/ the colors and your done! this is what I came up with:
And if your using Vegas 9.0 add some "Glint" and play around w/ those settings it will give you more of that "shiny" effect!