No , but I didnt update before too 6.40.5...
I downloaded a few shader testers and everything shows up...only two of them slow down my FPS (but they're supposed to be for Shader Model 4.0 , I think I'm with 3...dunno).
Even viewed an online shader test with some Google API or something like that. But I doubt the problem is in the shader made by Slin. I'll update to 6.60 now...

*EDIT* : Updated...Still no change.

*EDIT2* : Another Update...I installed .Net Framework 4.0 , Windows imaging something , PCI Bridge and SM Bus controller (for some reason they werent installing automatically) but nothing fixed the problem. AFAIK only this shader doesnt work. I tested every possible shader tester and performance testing programs , I ran every shader compilations I could find for 3DGS , everything works except the water shaders with the render2texture.dll .
Even the "Venice" water and "Shader Viewer" water showed up perfectly beautiful...