You can only apply one label of the 'color' type at a time. However, you can add multiple other labels of the 'status' type, like in Hardkorn's example.
There should be predefined status labels already in your right click menu. You can also add more status labels in following page:
Prefs PAGE="labels"
You have to give it a name, set the 'status' category, and pick a symbol/icon.
