Sharanu,
You definately can generate a sinewave and a DC signal with that board. There are 2 drivers for your board: Traditional DAQ, and DAQmx. If you have CVI 7.0 I strungly suggest that you use DAQmx it much easier and automated.
Probably the best way to get started is to go through the examples. If you go to "Help>>Find Examples..." and select analog output. Any of the examples there should work for your board. Depending on your needs, you could generate data points contonously, single buffer or single point.
Please take a look at the examples and let us know if you have any further questions.
Regards,
Juan Carlos
N.I.