Failed to create a movie with SonyVegas Pro

Hi there,
Using SonyVegas Pro I am not able to create a movie, it showing some error. When I hit the render as, immediately the error pops, saying error occurred while creating the media file. How do I stop this error? This is the latest version and all updates are done in my system. I welcome all kind of ideas. Thanks.

An error occurred while creating the media file.
Exception thrown by method called
