This is the second time this has happened with a large shapefile converted from raster. I saw the discussion about checking geometry and also about saving as a file geodatabase, but neither solution worked. Is it possible the shapefile at 2+ GB is simply too big too draw? Any other ideas? I also get an error when trying to export the attribute table saying "the table was not found."
Geoprocessing considerations for shapefile output—Help | ArcGIS Desktop
There is a 2 Gb size limit for any of the shapefile's components.
Use a smaller area of the raster and try to see if it works at all before trying a large or details area.
I would use
Raster to Polygon—Conversion toolbox | ArcGIS Desktop (or one of the other tools in the conversion toolset)
and save the resultant as a featureclass in a geodatabase first, rather than a shapefile. You can always export the featureclass to a shapefile after you do some spatial and attribute cleanup.