Solved Vegas Studio 11, GPU benefit?

Does Vegas Studio 11 make use of the GPU for processing or is that only newer versions?

Only Platinum versions of Movie Studio and Vegas Pro, have proper GPU Acceleration capabilities.
I have never like the basic version of Movie Studio, because it is extremely limited in it's functionality and is unable to Customize Settings.
If you are thinking about buying Movie Studio and don't want to pay full price, you can pick up some great bargains for Movie Studio Platinum 12 and Movie Studio Platinum 12 Suite on Amazon.

Always download the free trial before you buy, to make sure it works properly on your computer !

I should have been more specific. Looks like I have Vegas Movie Studio HD Platinum 11. So it should be able to take advantage of a decent video card?

Which exact model Graphics Card do you have ?
There is a massive range of Graphics Cards and they all work differently.

Vegas Movie Studio HD Platinum 11 has some limited GPU Acceleration when rendering only to Mainconcept AVC/AAC or Sony AVC/MVC.
However, you need the right type of GPU for this to work.
V11 is only a 32 bit program.

Movie Studio Platinum 12 and all versions since this release, have more extensive GPU Acceleration Support.
Version 12 and 13 use the GPU for improved Preview Window performance and acceleration of core Video Fx.
V12 and 13 are now 64 bit programs.

Didn't know there is such a difference between V11 and 12/13.

The Sony/SCS Movie Studio Platinum 12 and 13 releases still had the 32 bit option in addition to the added 64 bit. The Magix rebranded Vegas Movie Studio Platinum 13 and all the Magix versions from v.14 on dropped the 32 bit.. Don't know how the Sony packages still available would be modified. Note that WinXP was not officially supported after v.11, if you still happen to have that.