LabVIEW comes in several packages, namely the Base Package, the Full Development System (FDS) and the Professional Development System (PDS).
It doesn't matter if you use LabVIEW 5.1 but you need to know which package you are having now.
If it is a FDS or lower, you will need a separate Application Builder for creating executable files. And, PDS enables you to create executable from within the development environment.
Check with you local NI office, and they should be able to help you.