Hey guys,
As a Wireless Sales Consultant at Best Buy Mobile, I run into this issue more times than I thought I would. I installed Vaulty back when I had a Samsung DROID Charge, just because I was always demoing my phone to customers and knew that some pictures were just NSFW. But when my phone got replaced by a Motorola DROID RAZR, I ran into the same issue as many of my customers, even though I had everything saved on my SD Card.
Well, I did some digging and found out how to unencrypt the hidden pictures data. If you look in the directory in which in you installed Vaulty, you should see a folder called vstdata-DONOTDELETE. Open the Cache folder inside of it and you should see a bunch of files with random numbers and letters as their titles. These are copies of all the images you had in your gallery. It's time consuming, but if you really want your pictures back, you can use a HEX Editor (I recommend HxD Hex Editor, which is available in a bunch of different languages) to modify the file's data. I found a tutorial on Squidtooth under apps > Vaulty Free > Help > Recover Vaults. I would like y'all, but I just registered. A quick Google Search should help, though!
Good luck, everyone!