According to the USGA rules, the lie of the club cannot be adjusted during the round:
"Rule 4-2a provides that:
During
a stipulated round, the playing characteristics of a club must not be
purposely changed by adjustment or by any other means.
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The
purpose of this Rule is to prevent the player from purposely modifying
his club during the round, such as modifying a club’s lie or loft,
adjusting weight or changing the head and/or shaft, regardless of
whether the club has been designed to be adjustable."
In other words, adjustable clubs are allowed, but they cannot be adjusted during the round.