Vijay,
Since your setup is different from the default you'll have to use the "configure..." VI mentioned earlier to change the serial settings. If it isn't already found in the example VI, you will have to add it to the code at the beginning.
NI products uses a system called VISA to communicate with different kinds of devices, including serial devices. This system has its own names for the hardware resources you have. In the VISA control, do you see options like "ASRL1::INSTR"? If so, these are your ports. These names can be changed - search this site for "VISA alias" for instructions on that. For now, it's sufficient to know that the option I mentioned is COM1.
"String to write" and "Read string" are the connections you use to send and get the data. Sub VIs act like functions in other languages - their inpputs are similar to arguments. I suggest you search this site and the web for LabVIEW tutorials. You can also try contacting your local NI office for one of their courses.
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