i think that you should be able to make your own playlist for the game so your not listening to the same old music over and over again it gets kinda boring if you know what i mean.

You can. But someone else can tell you how.

Vendetta Online can play music in the form of Ogg Vorbis files. You can load an individual file with "/playmusic /path/to/file.ogg". You can also load a .m3u format playlist (with absolute paths) with "/playlist /path/to/playlist.m3u". Don't ask for MP3 or AAC playback, because Guild Software is a commercial entitity and would need licenses. They can't exactly afford the needless expenditure of a license for mp3 playback at this point.

If you want to really listen to something else, just turn off "Music Volume" in the settings, open up xmms/winamp/itunes/whatever in the background, and put on music. If you're on Linux, make sure that either your card can handle hardware audio mixing, your driver can handle software mixing, or you are using a sound server (arts, esd, etc.).

Isn't there also a way to create your own event triggered soundtrack by replacing the current music files with different .ogg files of the same name?

You'd need to extract media.rlb first.

Phaserlight: it's been suggested, but not implemented.
http://www.vendetta-online.com/x/msgboard/3/8531#98693