Vegas PRo

Is it possible to reverse-engineer and rebuild VEGAS Pro as open source? reverse-engineered and reimplemented as an open-source video editor, similar to projects that recreate proprietary software functionality? I’m interested in reproducing its distinctive timeline workflow, .veg project format, effects, transitions and audio editing. How feasible is this technically? Could .veg project files be reverse-engineered and supported? Are there existing tools or projects to start with? What would be the biggest obstacles? The goal would be an independent implementation, not copying proprietary source code. I’d appreciate technical advice from anyone experienced in reverse engineering or multimedia software.