My next guess is that Waves, during the install, either 'acquires' the 32/64 bit data from the OS settings, or there is an option during the install process that defaults to making the shell install as 64 bit.

If it were me, I would attempt uninstalling the Waves plugins, rebooting the system (may be important) and then reinstall the plugins paying close attention to each and every option. There may be a 32 bit install option you missed previously, and could now could force.

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