If you have an older version of LabVIEW than 8.0, you can make the graph background transparent and overlay it on a picture control (or you can use the intensity graph like the above post). You can then implement your ranges on the picture control. For the annotations, use string controls with transparent backgrounds. You can move them where you want with property nodes. If you have a variable number of annotations, create the maximum number of string controls you need and move the extras off-screen when you are not using them.
Note that these workarounds are tedious and, in some cases, mind numbing. Don't get discouraged - it can be done. Let us know if you need more help.
