You certainly can do this. However, you want to make sure you have the Application Builder. This allows you to create either an executable, to run on the development machine, or a distribution kit to install your VI on a machine that does not have LabVIEW.
The Application Builder comes with the Professionsl Developers System of LabVIEW, or if you have another version, you can purchase it separately from NI.
This Knowledge Base talks about the Application Builder and how it can be used. You may want to take a look at this.
J.R. Allen
