You'd be able to do a rudimentary label, with the text and some stock clip art (or a screenshot), using PowerPoint. Draw a box the size of your label, then just be sure to keep all of your elements inside that box, and then you can print it like you normally would.
You'd be able to do better labels than the original publishers did with QuarkXPress, Photoshop, and Illustrator at your disposal, but the learning curve is pretty steep too--I took a 3-credit hour college class that taught the fundamentals of those three, and another 3-credit hour class the next semester on QuarkXPress. But PowerPoint can do an acceptable job, or even a head-turning job with some practice, and it's probably something you already have.
As Corey said, laser-printed labels are less likely to smear but they're also less likely to fade over time. If you don't have a color laser printer, either take your file or an inkjet printout to a copy shop and have them laser copy or print it onto the labels for you.
Edited by Dave Farquhar, Mon Jul 3, 2006 4:27 PM.