Yes. The license terms are the same for the retail product as they were for
2003. From Office 2007 Professional's software license terms:
2. INSTALLATION AND USE RIGHTS. Before you use the software under a
license, you must assign that license to one device. That device is the
“licensed device.†A hardware partition or blade is considered to be a
separate device.
a. Licensed Device. You may install and use one copy of the software on the
licensed device.
b. Portable Device. You may install another copy on a portable device for
use by the single primary user of the licensed device.
c. Separation of Components. The components of the software are licensed as
a single unit. You may not separate the components and install them on
different devices.
--
Herb Tyson MS MVP
http://www.herbtyson.com
Author of the Word 2007 Bible
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