You can animate a TRANSPARENCY effect. To fade up, move the 'opacity' slider to zero and click the green + sign on the toolbar, to set a keyframe.
In the effects window, drag the red-line cursor a little later, where the fade up is to end, and then move the slider to 100%. That sets another keyframe.
Move the slider to near the end, where the fade out is to begin, and create another keyframe by clicking the + sign.
Finally, move the cursor to the very end, and the slider to zero.
The graph should look something like this... 
Presets are also available. Just drag the blue line or the keyframe dots where you want them. To delete a keyframe, right-click on it.
The closer the keyframes are to one another, the quicker the action between them. If you make a mistake, press <ctrl-Z>, to backtrack step-by-step.
For more insight into the animation editor... http://help.nchsoftware.com/help/en/videopad/win/effects_animating.html