Rob and John,
I had the same issue in Office XP. Refer to Microsoft's knowledge base article 316769. OFF: Activation Wizard appears each time that you start an office program.
This behavior can occur when you install Office on a user profile with administrator permissions, rather than the administrator profile.
In a nutshell, remove Office and then reinstall Office.
Now, I did this and went through the installation of Service Packs 1 and 2 as well as the Word, Excel and Outlook updates. Then I logged into the user profile and had the same exact issue. What I found, was that if you install Office Suite on the Admin profile, you must open Excel or Word in that Admin profile to accept the End User License Agreement. Otherwise, you will continually have it pop up in all user profiles. Hope this helps.
cabogerry