You can't (legally) use it on two computers at once unless you buy a more expensive license that allows for multiple computers, but as long as you're using it on only one computer at a time you can transfer it from one computer to another. I don't know how it works in Windows, but for the Mac version, it just checks to see if there are any other computers on your local network running any Office software using the same license, so all you have to do to transfer the license to a different computer is to just stop using it on the first computer.
Incidentally, in the Mac version I have (not the most recent one), the security software is slightly broken, so it says there's another computer using the same license even if there's actually not, but there's also a really simple way to get around its license thing so it can't tell if other computers are using it.
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