Office 2007 License

I recently bought Office 2007 Professional for my home computer. If I recall hearing about previous versions (and I think I was even able to make it out from Microsoft's license jargon), it is okay to install a copy on my laptop as well.

Is this correct, that I can install another copy on my laptop without violating Microsoft's terms?

I think officially you can only have one installed at a time. Technically as long as they are not both being used at the same time you're ok, but IANAL.