Each time I launch Creature Appearance Wizard, Toolset freezes with only way out being to kill process through task manager.

I tried launching as administrator but to not avail.

My OS is Win 7x64.

Anyone might know solution?

It's a very common issue.
The only solutions I am aware of are:
- Using Windows Xp 32-bit.
- Using this mod as an alternative.

From what I remember in NWN1 Toolset, that Creature Appearance Wizard allowed you to properly preview creature (together with graphical overview and such) and change various properties. I guess that's exactly the same thing in NWN2, so I am afraid second alternative won't work for me as it doesn't have same functionality.

Compatibility modes didn't help much either :/

I am sorry, I can't help further because I have never used the tools myself. When I said "using Windows Xp", I didn't mean a compatibility mode, but a real Xp session (through virtual machine or with a dedicated partition on your PC): I am aware this is not a convenient solution, but after some research online I think I can say that it's the only sure one.