fyi, the Waves Shell for all its plugins is kind of odd in that it uses OpenGL for all its GUI calls. So, it’s very sensitive to details surrounding your graphics card: the make, model, driver version, OpenGL version, etc.
if all else fails, seek out beta drivers, even. perhaps even OpenGL specific drivers, libraries or OpenGL settings, if need be.
i was also told, by a Waves support engineer, that this is why Waves tends to have less issues on OS X, as OpenGL is fully baked into the OS at a very low-level. Basically, there are less variables regarding OpenGL on Macs.
in short, make sure everything regarding your graphics card is up-to-date when dealing with Waves.