While you may be suffering from a V9 to V10 upgrade issue, it's worth it to try deleting the Waves Audio folder and the 3 subfolders (Caches, especially) from the %appdata% folder (the Roaming folder in your user account's AppData folder).
On my system (user name Primary): C:\Users\Primary\AppData\Roaming
Waves will recreate the Waves Audio folder and its contents as needed.
This has solved several issues for me in the past.