Is it possible to speed up footage by more than 4x in Sony Vegas Movie Studio? I have set the clip playback speed to 4.000 (to run at 4x the orginial speed) as show below. 



This is as high as the software allows. I would like to go further, perhaps as much as 12x as fast.

I am aware that the Pro version of this software includes the ability to use 'velocity envelopes' to increase the speed.
The only workaround I know of is to:


Speed up the footage by the desired amount (in this case 4X)
Render the clip.
Import the clip
Repeat steps 1-3 until satisfied.


This isn't ideal as repetitively rendering the clip repeatedly is fairly time consuming.