If the external application you're running is a command-line program or function (like "ping" for example) you can simply call it such that any data returned to the command line window is written to a file. From within LV you can then read the contents on this file to extract the response. For example, the command line:
ping ftp.ni.com >> c:\test.txt
will ping NI's ftp site and write the result of the ping to the file test.txt in the root directory of the C drive.
Mike...