I'm sure the question is pretty basic but any input is appreciated. I have a thermometer that aquires data continually but I want to display the current value of it in a waveform graph every other second. How can I use the timing palette to achieve that?
No device (including thermometers) acquire data (in LabVIEW) "continuously" -- it is always sampled, at some rate. Let's assume you get a reading at 100 Hz, acquiring 100 samples at a time. If you extract one point from every other collection of 100 samples and plot that, you'll get one "current value every other second" for plotting.
Alternatively, if you don't need those other 199 points, you can simply sample at 0.5 Hz, i.e. read one temperature every 2 seconds.