I know one of the greatest obsticles to traveling outside the earths magnetic field is the exposure to high energy cosmic rays and cancer risk, what effects do such waves have on mechanical or electronic devices?

Radiation can certainly effect electronic devices. There are techniques for hardening electronics to radiation (Honeywell site). Most (all?) satellites use such hardening.

I can tell you less about mechanical properties. I suspect that there are effects and that materials like polymers (plastics) would be more easily damaged (compared to metals), but I couldn't quickly find data. I know NASA has done research on this - you might want to explore this site.

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I'd be very surprised if there were any spacecraft that didn't use rad-hardened components. Certainly all the ones I've dealt with have.

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I think somebody recently posted that ICBM components aren't. Granted they spend about as much time at high altitude as SpaceShipOne...

Which makes we wonder if Virgin Galactic will incorporate any hardened electronics in their little fleet. I guess no?

FWIW - Cosmic rays are particles (electrons, protons, alpha particles,etc.), not "waves".

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There is no such mechanism for "hardening" humans against this effect....how close are we on the technology front on this issue. I have heard of some research going on to try and solve this problem. If not, can we build a thick hulled ship in orbit where it would take less energy to launch....it this the only way humans will be able to travel?

One more question.

Would a suit filled with an Einstien/Bose condesant block the rays...or how about a gell blanket for the craft itself?