1. Verify that you have only installed the plugins you have purchased. Most Waves installer CD's come with all bundles. If you've purchased the Native Power Pack, be sure not to install the Gold bundle.
If you've accidentally installed the wrong bundle, find the Waves plug-ins folder and trash items not included in your bundle.

2. Trash the Wavesshell Preferences - located in the System folder, inside the Preferences folder. Empty the trash and restart your computer. (you can also trash WAVES prefs if necesarry)

3. Trash the Waves LIB file located in the System folder > Extensions. Open the Waves folder > Waves Plugins and locate the Waves LIB. OPTION-drag (to copy) the Waves LIB from the Waves plugins folder, to the Extensions folder & restart your computer.

4. Allocate more RAM to the application you're using (ProTools/DAE, Digital Performer, etc).