Thought I'd update this thread.
I had this exact issue with Waves and resolved it in one go. I changed my Graphics card from an
NVIDIA Geforce 7300 (which also would give me BSOD when I tried its latest Win7 64bit drivers, so had to use older version) to a
RADEON HD5450. €40 and seems to be most popular in DAWS according to SOS.
Now perfect and that was the only changed made.
Hope its useful to someone...