Formula nodes are not one of the first things you will need to be looking at. look at the help files (press ctrl-H) for some syntax examples. Shift registers are easy: they carry the value from the end of the loop back into the start of the loop. The great power of shift registers is to use them without initializing. In that case they will retain their last value as long as the vi is in memory. This is a little more advanced topic, though.
I included a simple example that illustrates what a shift register does. Requires Labview 7.1
Good luck,
aartjan