Switch to (the plugin organizer functions best here). Click on the Effects menu at the top of the screen.

: To maintain compatibility, you must use legacy installers. Waves version 9 (V9) is widely cited as the last version to reliably support 32-bit environments.

Instead of running multiple real-time Waves plugins in Multitrack View, apply them destructively in Edit View (destructive processing). This saves massive amounts of RAM and CPU power.

: Run your Waves installer. During installation, ensure you check the box for VST 32-bit plugins.

To use Waves inside Audition 1.5, you have to use legacy Waves versions.