sampling rates and storage of the mega

Hi new to the arduino world and appreciate any feedback. I am doing a project involving Motor Current Signal Analysis of an induction motor. I have purchased the mega 2560 and would like to use it as a DAQ for sampling the current at rates of 1KHz for 8 seconds. I am using LabView to process this signal with FFT. Is the mega capable of this and of storing the data. According to the data sheet there is 8KB of SRAM of which i read somewhere that 1KB is used for Cstack and other operations. Am i right in thinking that 7X1024/1KHz=7.168 seconds of sampling can be stored or am i barking up the wrong tree.
Any help would be appreciated as im a bit over my head.
Thank you padraic