Bought a PSP mastercomp, masterq and reverb plugins. When I insert the plug ins I start receiving pops and clicks during playback. This only happens when these plugs ins are inserted, I dont have any problems with any others. Is there anyway i can fix this annoying lag?
Sounds like your computer dosent have enough ram to run them, some plugins take up alot of CPU. And poping and clicks usually indicates that the plugin is causing feedback or clipping, so the setting may be to high, or might just not be the right kind of plugin for the kind of recording set up you have.

Free VST are usually better than the stuff you buy, like the RealEQ VST, prolly one of the best EQ plugins ever made.

But idk, mabey run a defrag on your computer and then do a disk clean up. I do one every day.
You dont have the juice to run' em mate.

Once you have recorded your parts, increase the record buffer /latency and then playback your parts with the plugins added

Haven't used PSP plugs for a while, but there may also be an option to increase/decrease the CPU load???
you may need to increase your audio buffer size to get around this,
as far as i know, all PSP plugins induce some noticable latency in the signal path, and so if you are trying to run with a low buffer you'll be having the clicks and pops you describe.