Hello,
I would recommend using a state machine to accomplish this. The basic state machine structure is a for loop inside a while loop, with a shift register on the while loop.
I created a small VI that demonstrates this behavior. I saved it for LabVIEW 7.0 ("3alarmExample.vi"), LabVIEW 6.1 ("3alarmExample61.vi") and LabVIEW 6.0 ("3alarmExample60.vi").
I hope this helps!
Sincerely,
Liz Fausak
Applications Engineer
National Instruments