I also have a q waves device, and it works fine under W7 (32 or 64 bit). I also get same issue re usb hub, and I don't think we will ever get a solution as q waves seems to have vanished. I tried to set up my PC as dual boot W8 /W7, but failed as I have OEM W8 with EUFI based PC, and I could not install W7 on a spare partition (I'm not sure why though - I had EUFI secure boot switched off). There are ways but very complicated as far as I can see,
However, I was able to install W7 on a new hard disk in legacy mode, and I installed that on my laptop using an optical drive caddy (removing internal optical drive). Form my bios, I can choose legacy or EUFI boot. When I choose EUFI, it boots into windows 8, when I choose legacy, it boots into W7. This is not really dual boot, but "either or" boot as I call it, but it works.
At first, I could not get it to work on W7 for two reasons
1) I had not installed (as I found out by looking on an older laptop where q waves worked) the displaylink core software, which came with original disks (lost of course). I downloaded latest version from displaylink, and it would not install due to graphics incompatibilities.
2) I realised was using basic MS graphics drivers - I had to update using manufacturer's drivers (Sony).
The latest version of displaylink, still gave some error mesages, but on reading some forums, people were complaining the new version was difficult to install. Fortunately, their site had previous versions dating back to XP drivers. I selected the last windows 7 version (i.e. before a W8 version came out), and this installed straight away.
Coupled with latest 64 bit drivers for q waves, it now works.
So although I cannot use q waves on W8, I can easily flip to W7, and run it - not perfect, but does the job.