No. In MIPS you must have a constant outside the parentheses when dereferencing (poor wording). If it were possible to change the value of the label, then it would no longer be constant. To get around this, you could instead do something like
la $t1, label #t1 holds address of label
add $t1, $t1, $s0 #t1 now holds address of label + s0 offset
lw $a0, 0($t1) #load word from t1's location
addi $t1, $t1, 4 #t1 was incremented by 4 bytes now
lw $a0, 0($t1) #load the next word
It might be advisable to use addu if s0 will always be non-negative.
EDIT: You cannot change the value of a label. It is solely an alias for a location in memory. In the text section, it's an alias for the position of the following instruction. In the data section, it's an alias for the location in memory of the following space.
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