It's not clear from your question whether it was driven by a "we're thinking about getting LabVIEW but are not sure if it can do this", or a "we have LabVIEW and don't know how to use it."
If it's the former, then the simple answer as Darren said, is yes.
If it's the latter, then your best bet is to crarck open the documentation that comes with LabVIEW as this is a fundamental concept. You can also take a look at something like the "Control Mixer Process" that ships with LabVIEW as an example of how this works. (Help->Find Examples...)
-Saverio
