Maybe of no help, but I solved the same problem with Waves v7, Wavelab 6, Win 7 64, by replacing my ATI card with an Nvidia Gforce. There might have eventually been a workaround for the ATI, but I finally gave up and just got a different card.
Or I’ve seen it suggested that you try reverting to an XDDM driver if you’re using a WDDM driver.