The answers are yes. The simplest solution would be to use a local variable, but this can be dangerous (race conditions), confusing (breaking the dataflow) and hard to follow (in large applications).
The basic solution would be to use a loop with an event structure for user input, and to control it from there.
To stop the loop, you can replace the stop button with an OR or AND operator and wire into it the values of the stop buttons coming out of the cases. When you stop a loop, the value will get to the operator.
In general, I suggest you read the LabVIEW user manual. Also, try searching this site and google for LabVIEW tutorials. Here is one you can start with. You can also contact your local NI office and join one of their courses. In addition, you should read The LV style guide and search the site for event structure tutorials.
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