yes, I have a project with IM enabled during playback and tracking a guitar. about 2.5 mins into the playback, I start getting distorted playback and monitoring. I never use it, but tried to use it for jamming with what I had recorded to come up with some lead ideas.
The guitar track had GTR as an FX. All updates are in with the Waves products.
I also let the project, IM on with all 14 tracks, sit open for about 20 mins and playback went silent after that when pressing play. I had to bounce SONAR to get sound back I thought. I just figured out if I turn IM off and back on, I get the sound back. I think there might be an issue with IM and my install of X3.