I am experiencing the same issue, my avatar will not rez, it is a white cloud, it has been for WEEKS. I have tried rebaking (Ctrl+Alt+R), all the does is gives me a Ruthe shape with a NUDE default skin over my clothes, it's horrid. I have tried clearing my cache, no dice. I reinstalled the viewer, again no luck.
I'm running Viewer 2 version 2.7.2.233432
Windows 7 Ultimate x64
Intel Core 2 Quad 2.67 Ghz CPU on a XFX 680i SLI LT MOBO with nVidia GeForce 9800 GTX+ 512mb GPU
PLEASE HELP ME