If you're using Types API functions to display fields, you can certainly output any text/HTML before and after field values.
To make this conditional upon field values, you'll need to load the field via the standard WordPress API (get_post_meta - http://codex.wordpress.org/Function_Reference/get_post_meta ), check its value and do whatever other processing you want.
You can also use Views to do all this output. This way, you can create elaborate output without any PHP. With Views, you can use conditional output to achieve what you're asking here. See this for conditional output using Views: