i have the same version as you, but it has updates added to it from the home brew browser.
http://wiibrew.org/wiki/Riivolution
here is the UIL address for the website where i got it. and it is the ver#3 1.04. Updated.

It also depends if the riivolution is up to date. The same thing happened to me when i used it. it was an old file and I couldn't play any of my characters cause it would freeze. so i found a newer file of riivolution and replaced it and it worked.