I bet you are here due to the same fustration I have experienced due to the selection tool being extremely slow or not working at all, well fear not, I would like to help!
After searching everywhere on the net like, forever and not finding any help, I finally figured it out myself! Yayyy!
It was just a matter of twiking my Photoshop settings in Preferences and it was so easy that I felt like a fool for not trying it out sooner! So here is a screen shot of what it looks like, all you have to do is go to your preferences then performance and do the same! You are welcome!
You can thank me here or on my Facebook page and come say hi! :-)