Of course
Eric already answered this. In searching for this thread to reply to, I found his answer. Easy peasy.
< ****type="text/javascript">
$('#
RequestedNewsletter').parent().children('label').html('
I accept the website <a target="_blank" title="Our Terms and Conditions" href="http"//example.com/tancd.html">terms and conditions</a>.');
</*****>
Where ***** = script
And
RequestedNewsletter is the id of the field you want to update the label for... And the bold part within (' ') is the text for the label itself.