Hi Ace,
There are several examples from the LabVIEW Example Finder (Help»Find Examples...) that describe using limits. I searched "limits" in the Example Finder and found several examples that might help, such as Limit Testing Measurement.vi, Waveform Scalar Limit Comparison example.vi, and Limit Example.vi. In each, you would have to modify it to include data acquisition, but it shows how to take sampled data as you would get from data acquisition and perform a limit test. The Express VI that Jennifer O. suggested will probably be the easiest route, but there are other VIs that could suit your needs, as seen in the other examples.
As far as state machines, there is a template built into LabVIEW that can give you a starting point for creating your own state machine. Under the File»New... menu, you can choose the state machine template under VI»From Template»Frameworks»Design Patterns»Standard State Machine template.
Please let us know if you have any specific questions we can answer about configuring your data acquisition or about a specific VI. I hope this helps!
Regards,
Missy S.
Project Engineer
RoviSys