No need to reinstall, you can do one of two things.
1- Select all the images or the ones with hour glasses in the organsier and select delete but DO NOT tick the box that say remove from hard drive, this way just the proxies are removed and not the original files this can take a little while so do not panic. Then just re-import the images again.
2- Open the organizer and select catalogs > New Catalog from the drop down list and re-import you images to the new catalog.
Yes it can show raw files even for the latest cameras if you have updated camera raw to ver 4.4.1.
Paul
My glass is 4/3rds full :)
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