No 1 license - 1 machine but........ I won't tell if you need to load it on the machine for "testing" purposes.
If I load it on the 2nd machine for "Testing" purposes, won't registration tell MS that I've loaded it on 2 computers?
Dream. Don't register it. You can have it installed on more than one machine. I....ahem....I know a guy who has the same version installed on all of his machines.
You can load Office on a desktop and a laptop. I've had Office 2003 on my desktop and my laptop without a problem.
Or you could buy another license for $15 throught a univeristy (if you know someone who will help out)