UPDATE!!!!
=======================================
Right then guys - an update for you!
The issue revolves around your friends list - if you have 50 or more friendsthen Wipeout will crash when you attempt to move from one menu to another. Dont worry - this is not an issue with the PlayStation Network! It will likely require a minor software update.
The Gaming Team and Studio Liverpool have been notified, and are working very hard to bring you such an update.
In the mean time, there are some work-arounds I'd like to confirm for you:
Firstly, you can play the game with no problems offline. To do this, you can either disconnect your console from the internet, or neglect to sign-in when you start up your PS3.
Second, if you do wish to play online and are having these issues - try creating an alternative account. Be sure to keep that account's friends list under 50 though.
Finally, you can reduce the number of friends you have to below 50.
My personal recommendation is that you create an alternate account, and let your buddies know your new PSN via the Wipeout forum. I wouldn't want you all to go deleting your buddies!!!! I will set up a thread for this if you like - let me know here.
Once again, we're working solidly to get this sorted!!! I'll keep you updated - thanks to you all for being so patient.
MB

=========================================
http://community.eu.playstation.com/playstationeu/board/message?board.id=b_EN_G_Driving_wipeout&thread.id=323&view=by_date_ascending&page=15
fix is coming boys. woot.