The application builder is in the tools menu as Build Application or Shared Library (DLL). If this choice is not there then you do not have a full development system. You can purchase the application builder serarately.
Yes, you need the LV Run Time libraries loaded on any computer that is to run a .exe file created with LabVIEW. You can include the LVRT with an install by clicking on the Installer Settings Tab, make sure there is a check mark in the Create Installer box, then click Advanced. Make sure there is a check mark in the box for including the Run Time Installer.
Rob