Before LabVIEW 8.2, LabVIEW file pointers were 32 bit. That limits the size of the file to 4GBytes. If you want to create files larger than 4GBytes on LabVIEW 8.0 or earlier, use NI-HWS. At LabVIEW 8.2 and above, file pointers were changed to 64-bit and a new file format - TDMS - was introduced. Both also allow file sizes over 4GBytes. NI-HWS remains available and supported.
The remaining piece is that your file system must support file sizes over 4GBytes. If you are using a Windows operating system, you must use NTFS. FAT16 and FAT32, as mentioned above, are limited to 4GBytes or less. Windows has a utility to convert FATxx systems to NTFS. Note that NTFS is less efficient than FAT32, so if you are limited by your stream-to-disk speed, be careful. This is only an issue in very high-speed applications. If you are using a native Linux or MacOSX file system, you should have no difficulties.