Reaper 3 hangs loading Waves plug-ins

[sam egma]

Hello all:

I have been using Reaper (and have non-commercial licence) since probably build 1.49. Downloaded REAPER 3 for evaluation, but unfortunately had to downgrade to pre-v 3. I have the Waves Renaissance Collection of plug-ins-Renaissance Compressor/Verb/EQ.

I find with Reaper 3 that while the program launches quite quickly, as soon as I try to open my project template which has Renaissance Comp/Eq, the program hangs-not freezes, it eventually does load- but it takes several minutes. I had this problem before and at first attributed it to Reaper, but eventually determined it was actually the always-active scanning of my anti virus software-McAfee. Got rid of that, installed Norton 360 and no more problems. Until I tried Reaper v 3. and that's when this behaviour appeared. I re-installed 2.58 over top and everything works seamlessly again.
Too bad, cause there are a lot of things to like in v3.0
System: Dell Dimension 9600, 2.8 Ghz, 512MB Ram, Windows Xp Home edition
120 GB HDD.