bcastner, I see what you're saying but I was going by what the license says:
"1. GRANT OF LICENSE. This EULA grants you the following rights:
Applications Software. You may install, use, access, display, run, or otherwise interact with ("RUN"

one copy of the SOFTWARE PRODUCT, or any prior version for the same operating system, on a single computer, workstation, terminal, handheld PC, pager, "smart phone," or other digital electronic device ("COMPUTER"

. The primary user of the COMPUTER on which the SOFTWARE PRODUCT is installed may make a second copy for his or her exclusive use on a portable computer."
I did it with Office XP on my main desktop computer and then installed it on my notebook. When it came time for activation on the notebook, it wouldn't do it and gave me a Microsoft number to call. Explained what I was doing and in accordance with the EULA and was given a new Activation code with no argument.