I encountered a loading problem with PRE 7, which hangs trying to load wave_warp.aex, as others have found. The prime suspect is sound card drivers. Mine is a very serviceable, but legacy Creative Soundblaster Live card (model# 0090). Downloading an XP/Vista driver update from Creative cured the problem.
I note that most solutions were with Realtek drivers so I think it might be useful to point others stuck with old Soundblasters to
whetre I found a 'good' driver. Yours John Mathias