I'm using all the default settings, Jabo's Vid and Sound and N-Rage's Input (The others don't show!) and it works fine for me.
I'm using "Wave Race 64 (U) (V1.0) [!]"
The game settings should be:
RDRAM Size=4
Counter Factor=Default
Save Type=First Save Type
CPU Type=Recompiler
Self-modifying code Method=Check Memory & cache
Use TLB=Yes
Linking=Global
Reg Cache=Yes
Use Large Buffer=No
Geometry Pipeline=Internal
If you haven't added any Unofficial updates the above settings should already be there. Try trashing everything in your PJ64 directory aside from the save folder and ROMs and what not, then copy all the 1.4 files back into the dirctory. Make sure to visit
http://www.smiff.clara.net/emulators/pj64/index.htm to get the newest official RDB
EDIT: And, yes, it works for me as well
