Hi Dusty,
I think I know what you are asking for because I used to be able to do that using "debug" to step code inpect a memory location, poke a new value, proceed...
That simply can not be done in LV.
The other ideas being dicussed here are talking about dynamically loading and unloading VI, and editing those VI when they are not running. That is were Ed's comments come into play.
I seldom miss that feature when developing. When I do miss it, it is because i have watched a long VI execute and get close to the end when I realize "my final index is off by one!" and I am tempted to "fix it". NO CAN DO! In that case I use breakpoints and stategically place constants.
Trying to help,
Ben