In your view model you can have the dynamic label property as such
String DynamicLabel
{
get
{
if ( this.x == 1 )
{
return staticString1;
}
//etc etc
}
}
When ever the label needs changing you would just have to call
OnPropertyChanged("DynamicLabel")
and your xaml would look something along these lines
<textblock text="{Binding Path = DynamicLabel , updateSourceTrigger = OnPropertyChanged}"/>