Arcview 3 had a label call out that allowed individual label placement. (Brillant tool). The current methods avaliable are to restrictive. A set properties for the label and then, click item to be labelled and drag to place.
We just received the book Getting to know ArcGIS Desktop. Page 176 had the answer I was looking for. the Label tool on the Draw toolbar (doesn't default to be on the tool bar). Getting no documentation on hte install doesn't help!