does it say busy ? and you tried this ?
To redraw waveforms
1. Select the clips that you want to redraw.
2. Right-click a selected clip, and choose Associated Audio Files on the pop-up menu to open the Associated Audio Files dialog box.
3. Click the Recompute Picture(s) button. A dialog box appears, asking if you want to recompute the pictures on the selected clips.
4. Click OK.