Hi,
It is definatelly possible to build an application like that; simulated or with real data. I would suggest that you look into Measurement Studio; an add-on packacge that will make this application easier. It includes user interface controls (graphs, knobs, sliders, etc), analysis and DAQ functions to make programming faster. You can find more information at http://www.ni.com/mstudio
Good luck with your project!
Juan Carlos
N.I.