New to X2..Coming from X1....How do I remove this label?...**PIC INCLUDED**

That is not just a "label" - it is one of the key new features of X2

The only way to move a clip now is to grab that "clip header"

For me this is a great update as I was often accidentally moving clips - now I can happily work on clips without the fear of moving them

When your mouse goes over the "clip header" the smart tool changes to an arrow so that you can move it

If you are worried about space the new auto track zoom feature should help

I am not aware of a way to turn it off - although you might like it if you give it a chance

These are called 'Clip Headers".

To hide clip headers and maximize clip waveform display
To globally hide the clip headers, click the Track view View menu, point to Display, and select
Maximize Waveform Height. When this options is enabled, the waveform display spans the full
height of clips.

The above is from the manual. Page 328. 

I agree Boydie though its a nice new feature with good uses.