This is from the LV 5.1 license agreement:
"7. DISTRIBUTION RIGHTS.
(A) Generally. For SOFTWARE not listed in 7(B) below, you may distribute your application (.exe, .dll, html, .alx, etc.) created with such SOFTWARE and/or utilizing relevant configuration utility executables (i.e., NI-DAQ Utility, VXIEdit, VXItedit, etc.) that are part of such SOFTWARE without royalties or fees to NI, provided that:
(1) your application is not itself a general-purpose development tool, function library, or component for data acquisition or instrument control operations, user interface operations (graphs, strip charts, gauges, meters, etc.), analysis routines, or National Instruments TestStand( sequence files;
(2) you include the following copyright notice, either on-screen in your application's About Box or in your application's written documentation, with each distributed copy of your application: "Copyright (c)[yr] National Instruments Corporation. All Rights Reserved";
(3) you do not use NI's name, logo, or trademarks to market your software program without NI's express prior written permission;
(4) you agree to indemnify, hold harmless, and defend NI (including its officers, directors, employees, and agents) and its suppliers from and against any claims or lawsuits, including attorney's fees, that arise or result from the use or distribution of your application; and
(5) if you are using Microsoft SDK files or other third party files, you must conform to the requirements described in the SDKLIC.TXT or the other applicable files.
(B) Run-Time License Required. If the SOFTWARE is National Instruments SQL Toolkit, National Instruments IMAQ(TM) Vision, National Instruments TestStand(TM), National Instruments Test Executive, National Instruments Lookout(TM), or such other software product as NI may from time to time designate as requiring a separate run-time license for application execution, you may not distribute applications (.exe, .dll, html, .alx, etc.) created with (or if applicable, utilizing) such SOFTWARE unless: (1) the end-user of the application has acquired a separate run-time license from National Instruments for the applicable SOFTWARE for each computer on which the application is used and (2) you comply with the provisions of 7(A)(1), (2), (3), (4) and (5) above. Please contact NI or, if applicable, the NI subsidiary serving your country for more information regarding the current list of software requiring separate run-time licenses for application distribution and obtaining applicable run-time licenses."
It was my belief that the only restriction on distribution was the run-time licenses mentioned in 5B above and not for the LabVIEW run-time. I certainly distributed a lot of different executables with my single LV license. The LV 5.1 run-time engine is available for download so I don't see where there are any restrictions but then I'm not a lawyer. There was a rather lengthy discussion on
info-labview a couple of months back regarding the licensing of LV 7 executables and VISA so you might want to check that out.