Office 2007 1 computer restriction?

I currently have XP installed on a external drive with VMware Fusion and it looks like having Access for school is gonna make my life easier.
My University store has Office 2007 Pro (not student) for $65 for 1 computer only.
Can I install this on my current setup now (MBP) and then later:
re-install it when I do a clean install of Windows 7.
Go the BootCamp route and install XP or Windows 7, then re-install Office.

In other words: using same MBP, can I go from Fusion, Bootcamp, external drive setup without screwing up my activation of 1 computer only.

Thanks!