Hey Vikrant,
There are numerous ways to accomplish this. The easiest would probably involve using a timed loop with a case structure. Send the iteration count to the case structure, and open and close valves based on how much time has elapsed. If you'd like some simple example code, I could post some, but you'll probably get more help on this particular issue if you post in the LabVIEW forum instead of the counter/timer board. This seems like more of a LabVIEW code issue than a hardware issue.
Brian B
Account Manager
National Instruments