If you have LabVIEW 6.1, you can use the Point-by-Point VI's to process data a single point at a time including FFT and other Frequency domain analysis.
On the functions palette, point to:
Analyze>>Point By Point>>Frequency Domain PtByPt
If you don't have 6.1, you can still use the traditional block mode FFT VI's. You need to decide on a block size to use (say n=1024), initialize an array of that size with 0's. As you acquire points, you index the array and replace the 0 values with the measured values and pass that to the FFT VI.
The Point-By-Point functions are pretty cool, but is there a particular reason you want to do this point by point versus block mode?
Have Fun,
Scott