The Arduino Uno is a wonderfully versatile and cheap ATmega-based prototyping board, here it's tasked it to perform the primary functions of an NI-DAQ which costs a considerable amount more. The Arduino doesn't have fantastic specifications, but it can be easily coupled to other IC's that meet most requirements.
In the picture below a nibble is fed from one of the Ardunio's I/O ports to, perhaps, the world's smallest fully-featured oscilloscope (Xmega based):
The code loaded on the ATmega's EEPROM is shown at the bottom of this page and it allows for external inputs to control the behaviour of the board. This is controlled with Labview via a USB cable that is also providing power for both the Arduino and the oscilloscope. Labview examples for controlling the digital output ports...
...and the six-analogue input channels are available at the bottom of this page. Simple as that.