Yes, label is in the scrabble dictionary

...and is worth 10 points by itself.

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Label Definition

noun

A descriptive term; an epithet.
from The American Heritage Dictionary of the English Language, 4th Edition
A distinctive name or trademark identifying a product or manufacturer, especially a recording company.
from The American Heritage Dictionary of the English Language, 4th Edition
An item used to identify something or someone, as a small piece of paper or cloth attached to an article to designate its origin, owner, contents, use, or destination.
from The American Heritage Dictionary of the English Language, 4th Edition
Architecture A molding over a door or window; a dripstone.
from The American Heritage Dictionary of the English Language, 4th Edition
Chemistry See tracer.
from The American Heritage Dictionary of the English Language, 4th Edition

verb-transitive

Chemistry To add a tracer to (a compound).
from The American Heritage Dictionary of the English Language, 4th Edition
To attach a label to.
from The American Heritage Dictionary of the English Language, 4th Edition
To identify or designate with a label; describe or classify: labeled them Yuppies. See Synonyms at mark1.
from The American Heritage Dictionary of the English Language, 4th Edition

verb

To distinguish (as a compound or cell) by introducing a traceable constituent (as a dye or atom).
from Free Scrabble Dictionary
To distinguish (an element or atom) by using an isotope distinctive in some manner (as in mass or radioactivity).
from Free Scrabble Dictionary
To describe or designate with or as if with a label.
from Free Scrabble Dictionary
To affix a label to.
from Free Scrabble Dictionary
Attach a label to (something):.
from Free Scrabble Dictionary

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Top Words by points

Points

label

7

2 letter words with LABEL

Points

ae

2

el

2

la

2

ab

4

be

4

ba

4

al

2

3 letter words with LABEL

Points

all

3

ale

3

bae

5

bal

5

bel

5

alb

5

lea

3

lab

5

ell

3

4 letter words with LABEL

Points

leal

4

bale

6

blae

6

bell

6

beal

6

ball

6

able

6

5 letter words with LABEL

Points

label

7

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