I realise this is a very old thread, although I am sure there are still people (like me) who are battling with this issue.
I was not, as some others are also not, prepared to uninstall and reinstall due to the amount of plugins and effects I have, after a fair bit of searching I came across a solution (some of you may already know about it!) to cure the problem of the Wave Hammer missing, not working etc.
I hope this is not against forum rules….
Head over to https://splice.com/plugins/free_plugins and in the list of free plugins look for one called “LoudMax”, this is an excellent alternative (read replacement) for Wave Hammer. Forget tearing your hair out and re-installing, just download this make a dir in C:\Program Files (if running 64 bit) called ‘vstfiles’ and place the dll in there.
Then in Vegas: Options – Preferences – VST Effects and point the default folder to the one you created above.
The plugin is very easy to use, only two controls, compression and volume output.. You can make up some fav settings and save them. A little compression will give your track a bit of punch, but to much will virtually destroy any dynamics as well.
Anyway, an easy solution to a painful problem, have fun!