Hey Lost-
There is a wonderful document on our external website that groups our knowledge on using sound with LabVIEW.
Under the LabVIEW Resource Library (http://zone.ni.com/libraries/) choose -> LabVIEW -> Advanced Programming Techniques -> Using Sound.
This page lists over 5 examples for playing sounds with LabVIEW through WAV, MP3, and other formats. Streaming audio might be tough, depending on your processor. It might be hard to translate your input into a format LabVIEW can play. I am not sure what sound format that input data you refer to would be. This will be a good starting point. Also, I have heard of a Microsoft ActiveX control, DirectShow, that might help you. I have not worked with this guy, but I would check into it at Microsoft's site -> www.msdn.
microsoft.com.
Post again if you have follow-up questions.
ben schulte
national instruments