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The Medialess Licensing Kit (MLK) license for Office 2007 is valid only on the computer onto which the license is first installed and the license is not permitted to be moved to any other computer.
See paragraph 2 of your Software Licensing Terms, licensed devices. http://www.microsoft.com/downloads/en/details.aspx?FamilyID=4285d6f7-dfdd-44a6-a21d-8e9899082b15
Full retail (as opposed to upgrade retail) licenses for Office 2007 suites are permitted to be simultaneously installed on the license holder's primary computer plus the license holder's portable (aka laptop) computer. There is one exception, Office Home and Student 2007, whose retail license permits the product to be installed simultaneously on up to three computers in the same houselhold when such computers are not used in revenue generating activity.