Its not possible to translate variables. Why: Wordpress isnt using a system like google-translator. Wordpress got a fixed file where the translations are stored. So there is a fixed amout of elements which can be translated, nothing more.
If $value is picked out of, for example, a form-option you could swap throught like this:
switch ($value) {
case 'example': 'label' => __( 'example', '__gwfc__' );
case 'example2': 'label' => __( 'example2', '__gwfc__' );
case 'example3': 'label' => __( 'example3', '__gwfc__' );
case 'example4': 'label' => __( 'example', '__gwfc__' );
}
Just be sure the string which should be translated is configured in your translation-file!
Good luck.