See
http://office.microsoft.com/en-us/help/HA012340811033.aspx "Read the
Microsoft Software License Terms". Section 2 "Installation and Use
Rights" tells you how many computers (and what types of computers) you
can install your copy of Office on. Generally speaking, an OEM
(preinstalled) copy of Office 2007 Standard is licensed for installation
only on the computer that the software came with, and a retail-box copy
of Office 2007 Standard is licensed for installation on one desktop and
one laptop owned by the same person.