A framegrabber will only show up in Measurement and Automation Explorer (MAX) if it can communicate through our NI-IMAQ or NI-IMAQdx drivers. Only NI Framegrabbers use the NI-IMAQ drivers and only framegrabbers/cameras that are DirectShow Compliant will show up as a NI-IMAQdx device. That being said, you may be able to call into a dll provided by the manufacturer, lightwave in your case, that would allow you acquire from the device. However, this is not supported and would mean that your device would not show up in MAX. Check out this link for some more information regarding third party framegrabbers.
National Instruments | Applications Engineer | www.ni.com/support