Yes WaveRace works perfectly. But only after you set "Force Depth Enable".
All other settings can be default with the latest RDB.
As 2bzy4ne1 indicated your rom is probably just broken. Verify it with GoodN64 and if it's bad get a new one or try to fix it with the BadToGoodPatch collection. You can get both from Smiff's kickass support page: http://www.smiff.clara.net
thanks, i'm not looking for praise (though it's nice ) i was just meaning that it works (worked?) equally well in 1.4 (with the newest RDB..) afaik. but you don't care so i'll shut up now