<<<I just started a new Masters program and the school issues an Office Pro CD to all new students free of charge under its Volume License. Techinally, if a student leaves the school before completing a degree, then the student must uninstall that copy of Office. But if the degree is completed, then the license automatically converts to a full license to the student. Just like the AE/Pro version, the Volume License copy can only be installed on one machine.>>>

I believe the whole purpose of a volume license is so that the same volume license product key can be used to install the software on many machines throughout an organization, without the necessity of activation. See http://www.microsoft.com/piracy/acti...volumefaq.mspx