One method to build dlls from VIs is to right click the "build specification" in the project window -> new -> Shared Library (DLL). This has worked for me on other Labview installations, but not on my student edition.
Is there an alternative/extra step/installation I need to know about to build dlls from the student edition of Labview or is this functionality not available in the student edition?
The Student Edition, like the Full Development System, does NOT include the Application Builder which you need to create DLLs - Jakub has misread the NI page.
You either need the Professional Development System, or the Application Builder as an add-on to one of the other versions.