Hey khairy,
There's quite a bit of information available at ni.com about wavelet analysis and how to perform this in LabVIEW. By just doing a quick search, I came up with the following links:
NI LabVIEW Advanced Signal Processing Toolkit:
http://sine.ni.com/nips/cds/view/p/lang/en/nid/1395
Advanced Signal Processing Toolkit Demo:
http://zone.ni.com/devzone/cda/epd/p/id/4765
KnowledgeBase Articles:
Custom Wavelet Analysis Using Signal Processing Toolkit in LabVIEW
http://digital.ni.com/public.nsf/allkb/11ABBF34A0D8E9BB86256E55005CA69D?OpenDocument
How Do I Use the Continuous Wavelet Transform to Produce a Scalogram?
http://digital.ni.com/public.nsf/allkb/79EABCEBCA56F65686256F340062C4D7?OpenDocument
Good Luck!!
Brian B
Account Manager
National Instruments