Hmm. Well, you started right by trying to switch render systems.
But, if this still doesn't work (if you have a PC, try just being on Direct3D9, since that's Windows' own render system for FH), then try turning off Water Reflection.
You could also try turning off your compter, then re-booting.
It could also be an issue with your internet connection. Try turning your router off (if you have one) and let it restart to restart your internet connection.
But, if all else fails, go into you FH folder and delete the .good file. (It'll be in there-- just a "GOOD" file).
Then, try playing the game. This may help you out a bit.