Nvidia Error in Cubase with Waves. Crashes Cubase

This simply means that the graphics card became overloaded with work and did not answer to windows in the rather tight time Windows allows for the task

Could be a driver issue, download the Full driver for your card from the Nvidia site and try that out, sometimes the proceeding speeds up with a newer original driver, if that does not help you can increase the time Windows allows the card to work on the graphics, see this article on how to change the value in the registry: