ADDED - please see my reply to this method for a simplified method
CS does not currently provide a function to save a Vault part to a local library.
A method presented earlier by Altium works but strips all part parameters.
Another method was presented and complemented on by the gentleman from Altium but that link is dead.
The method presented below preserves part parameters.
1. Add a part from the Vault to your schematic
2. Copy part from schematic and paste into your schlib
3. Update the PCB
4. Copy part from PCB and paste into your pcblib
5. In your schlib pasted part
1. delete footprints
2. add footprints from your pcblib
3. append “_novault” or your choice of text to separate from a Vault part
4. click OK
6. With part selected in schlib, enter Tools → Copy Component in the upper right search/command box
select your path and click OK.
7. A new part will be created with an _1 appended to the name
8. In the schlib panel, click Add and accept the next new name (i.e. “component 5”)
9. Click once on the part with the _1 appended, then right click and copy
10. Click once on the new “component 5” (or whatever) part, right click and paste
11. Another copy of the _1 part is created with an appendix of _1 again. (i.e. “_1_1”)
this part no longer is tied to the Vault ! ! !
12. MAGIC PART:
In the above sequence, when the Tools → Copy Component, followed by the request to Add a part, we lost the Altium library references. Look at parts before and after with the inspector and you will see that this is true. The part parameters are still intact.
Another test is to alter your final part symbol (i.e. move a pin or something) and update the schematic. On the schematic, toggle the comment field visibility on and off. If your part is not standing free from the Vault, the symbol will revert to the Vault symbol. If all went well, the symbol will not revert but will remain as your local symbol.
The sequence is simple once you do it a few times but trust me, it was not easy to get down on paper. Try it and comment please. If there’s an easier method, I’m all ears for saving time.