Brent,
A little more info is needed here for some decent help with your issues.
What portion of Vault did you install? Did you install the Server and Client or just one of those?
Where did you install them?
Typically you'd install the Server portion on a Server, seperate from your workstation. The Client portion is what you install on your workstation.
The Client is the interface that you, as a user, connects to the CAD Server where the Server portion of Vault is installed.
The Client interface (or within the Inventor application if you load the Vault Add-In) is where you'd perform 98% of your typical Vault activities such as check-in, check-out, etc.
I'm guessing you installed one portion or the other or maybe even both on your local workstation, correct?
If so, it really doesn't serve much of a purpose for the most part as one of the main benefits of Vault is security and having the filestore backed up in case of a disk failure on your local workstation, thus allowing you to quickly recover anything lost. If you have everything on your local and that disk crashes, there's not much you can do unless you save your backups off to another drive.
Vault is meant to be a centralized depository.
If you still need help on this issue, let me know.