Well, thought it was fixex, but it isn't. Here's what's happening:
There seems to be a timeout issue with PLAY initializing in VE PRO. This happens with PLAY 2.0.25 on a Windows XP64 system, running VE PRO build 7043.
When the workstation first boots, VE PRO starts and a metaframe is loaded that contains an instance of PLAY, VE PRO will return an error stating that "Could not create plugin play_VST_x64". However, shutting down VE PRO and manually starting up a standalone PLAY instance will remedy the issue, as PLAY will take a long time to start up, but eventually will show the standalone window. After that VE PRO will also instantiate PLAY instances.
Above would be the workaround to get PLAY to work in the latest version of VE PRO. Would be nice though if we could have this addressed quickly. :)
Thanks,
JB