Yes, this is correct. From the Office 2003 Student and Teacher Edition
EULA:
You may install a copy of the Software on three personal computers or other
devices in your
household for non-commercial use by people who reside in your household.
Sorry to disagree, Doug, but "Office Pro 2003 Academic" is *not* the same
thing as Student and Teacher Edition.
Byrd Man, you need to read the EULA to see how many computers you can
install it on. I'd be willing to bet money that you cannot install it on
three computers.