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I have Labview 8.6.1 Full development system in my PC but i dont have application builder for that version. I have Labview 8.5.1 application builder with me can i install that and make use for 8.6.1 version to make an installer to distribute.
No, you cannot run the 8.5.1 Application Builder on 8.6.1
The Application Builder is a own Toolkit (but is included with LV Professional Version) and needs to be in the same Version then LabVIEW and to be licensed.
You can save the VI for version 8.5.1 (save for pervious version option) and use your application builder with labview 8.5.1 runtime engine(installed),build the exe and distribute.