i want to play sound according to text of the label.is this possible to generate sound from text.?
It depends on what you mean by "generate sound from text."
If you want to read aloud the text of a label, there's no built-in text-to-speech framework for iPhone developers. Some third-party companies (like Acapela) claim to offer TTS services for iPhone, but I haven't tried them and can't speak for their usability.
If, on the other hand, you just want to play one of a set of predetermined sound files based on the text of the label, that's relatively easy - just determine which file you want to play from the label, then play it with your preferred audio framework. You'll need to include all the files in your project and only determine which one to play at runtime.
If you want to play arbitrary text, check out the Flite text-to-speech library. Flite is simple and is written entirely in C - so you can modify the makefile to build it for the iPhone's ARM processor. It will do basic (but very robotic sounding) text to speech for you. If you hand it more than a few sentences, there is a noticeable pause before it starts speaking - but all and all it's not bad.
Getting this working does require some work, and I would definitely suggest using predefined audio files if possible.
Look at the Accessibility options in 3.0. Otherwise you have to use the libraries mentioned.