I still wouldn't. Usability studies have shown that forms which have the labels right above the input field get filled out the most and filled out correctly the most.
Everything else (like putting the labels to the left of the field or in the field) and you start seeing errors increase in form submissions. So it is to be avoided.
Everything else (like putting the labels to the left of the field or in the field) and you start seeing errors increase in form submissions. So it is to be avoided.