This can be resolved by the following:
1) Close vRanger
2) Stop the vRanger Services on the machine (API, FLR, vRanger)
3) Navigate to the following folder C:\Program Files\Quest Software\vRanger\Service (if vRanger is installed upon a x64 bit machine then the folder will be C:\Program Files (x86)\Quest Software\vRanger\Service)
4) Open the config file Visioncore.vRanger.Service.exe (we will be editing this document)
5) Find the line <add key="inventoryloadtimeout" value="300"/>
6) Change it's value to 600 (making it 10 minutes instead of 5)
7) Save and close the file
8) Restart the vRanger services (be sure to start the vRanger Serivce first)
9) Launch the vRanger application and try the replication wizard again