Thought I would post a followup to this freezing up of my BV500 that I was having.
After troubleshooting this for 2 months, and back and forth with the dealer from whom I purchased the camera, I am happy to say, I was sent a replacement camera, and it works fine! No more lockups!
Just wanted to throw a shout out to William from artofspeedracing.ca for all his help with this first lemon of a camera... William offered to deal with Pittasoft directly on the issue instead of having me try and get them to do warranty support (which I really didnt have a lot of hope for, since they have not answered ANY emails I have ever sent to them). I purchased a second camera from William (Just so I would not be without a camera during the transition period). William sent me the second camera, I sent him back the defective one, and he refunded my purchase price on the second one. He is very good to deal with, and is very responsive (called me several times for clarification)... Highly recommend.
I would also like to thank everyone on this board for their help as well. I tried every suggestion given to me here to try and fix the problem or narrow down the problem, but in the end, it pointed to a lemon of a camera, which it was... New one works fine!