The answer is NO (as far as I know, 55ms is the limit for win 3.1 and 1ms for win9x & up ). Unless you are using Labview Real Time, do not consider even that 1ms delay accurate because it depends on other tasks executed by the OS in the same time. Anyway, try a search on entire NI site with "+wait +ms" to get some details.
A solution for your problem may depend on what you need that delay for ... the
How Can I Achieve Control Loop Rates Faster Than 1 kHz Using LabVIEW Real-Time? article may give you an idea.
Hope this helps
