Labelling a partition can be quite handy, especially for partitions on usb drives that usually get auto-mounted to a folder that corresponds to their label.
Usually the label is set when the partition is created. If the label is not explicitly specified, it is usually auto-generated. To change the label, there are a couple of tools available:
You can either use
# e2label device [newlabel]
# tune2fs -L [newlabel] device
# yum install dosfstools [...] # dosfslabel device [newlabel]
ntfslabel is available as part of the
# yum install ntfsprogs [...] # ntfslabel device [newlabel]