I found this so surprising (and aggravating) that I decided to do a little Google research and what I learned was that there is no Good information out there about how to perform this procedure. So I am taking it upon myself to make this information available. You're welcome Internet:
I set up a new test project and I created a new report and a new menu item for that report. I created a new label (@HLY739) for it:
Next, you must export the project:
Then you need to make sure that you check the box that says"Export Labels":
For my purposes, I have unselected all the languages and only selected English (United States). If you or your company uses additional languages you should check those here.Then click OK and you should get the export completed message in the compiler output window:
If that is successful, then you are ready to import the XPO into another environment:
Make sure that you have selected the radio button for application objects and labels (you can also do just the application objects or just the labels). If you select the show details check box and then click on the Labels tab, you can see all of the labels in the project an can even manually select weather or not you would like to import the label.
Then for the last step, you can check and make sure that the label was imported correctly:
As you can see, the label has been successfully added to the new environment with absolutely no down time!