If it is the base package, it will not have the advanced analysis libraries (FFTs, Curve Fitting, Fourier Analysis, etc).
The Full package does have these higher math functions.
The Professional version allows for building stand alone applications [Tools|Build Application of Shared Library (DLL)].
This is not set in stone however. You can also purchase the Application Builder seperately so you could have the Base package and be able to distribute your code. The most accurate method of finding out what version you have is to call up one of your local NI representatives and provide him with your serial number [Help|About LabVIEW]. They can look up your version with this information and provide it to you.