Hi!
Please find attached a couple of sample VIs.
a) Create Image Buffer.vi lets you create image buffers.

Use 8-bit depth if you are using a monochrome camera with an 8-bit image output and a 16-bit for example for e.g. a 10-bit or 12-bit image.
b) Average image.vi then lets you average images, you guessed right.
In order to display the averaged images, they need to be converted back to 8-bit, since standard monitors are 8-bit display devices. However, the IMAQ image display control or indicator can adapt to the image bit depth by either shifting or dynamically shifting the bits. You can right click on the control or indicator and go to the "display 16-bit image" option to set that up.
The attached VIs have been written in LabVIEW 8.2.1
I hope that gets the job done.
Best,
Markus