Although this topic is often discussed in here, I would like to know if there is any software where I can simulate the flow (how the signal, current, voltage flows) in electronic circuits (similar to labview)?
Labview is a programming language. That use flow of data as principal. Many in this forum use the free LT-spice(just use Google) for circuit simulation. LT-spice can do simulations from a drawn circuit.
If you have Java installed, you can use the online Falstad circuit simulator: http://www.falstad.com/circuit/
It's pretty handy for demonstrating current flow and voltages in a limited manner.
If you want something more accurate, or something that you can add PSPICE models to, you'll need to go to something like LTSpice.
I don't understand the purpose of Fritzing (Just useful for building the circuits. Not suited for simulation)
btw, I would like to add "Everycircuit Free" from Android Market. Looks simple to use and easily understandable (I have no profound knowledge in electronics). But, still needs improvement.