Sounds ugly. Are you using 32 bit or 64 bit WL7? Are your Waves plugins 32 or 64 bit? I picked that plugin up too, and although I am pretty sure I won’t be using it in WL7, if I did I am very sure it would fly OK. All the Waves plugins I have tried in WL7 work as they should, graphics included.
If you are all 64 bit, then reinstall V9 and do repair. That should take care of it.