The EULA for Office 2007 Standard specifies, in part:
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.
15. REASSIGN TO ANOTHER DEVICE. You may reassign the license to a different device any number of times, but not more than one time every 90 days. If you reassign, that other device becomes the “licensed device.” If you retire the licensed device due to hardware failure, you may reassign the license sooner.
Essentially, that means you can install the software on one desktop PC and one laptop, or on two laptops. You may also transfer to license to another desktop PC or laptop, as applicable.
If you have exceeded a predefined number of installations, you may be unable to activate on-lone and will instead need to go through a telephone activation process.
For full details, see:
https://products.office.com/en-us/mi...-office-system