WAVES V7 with cubase 4.5.2

ive just installed waves V7 on my mac Dual 1.42 GHz power PC G4
i am running Cubase 4.5.2

everything installed ok but when i go to open a song file half way through loading up it asks me ,
“please locate Waves 7.0 Plug-ins folder”

i have tried going every way around the computer but it will not accept anything .
the obvious one is ;
navigate to; System Hard-Drive>Applications>Waves and select the Waves Plug-Ins folder and hit Choose.

i have even went in and tried deleting preference folders and things from the cache, and even , re-installing the lot about 4 or 5 times . nothing seems to work.