No! You're taking Ian too literally.
One licence means install on one machine. You can, reinstall on the same machine as often as you like. You may have to phone MS, but that's not usually a problem.
However, should you have an OEM licence then you can only install to the machine the licence is intended for. You cannot uninstall from that machine and install to a different machine!
You may not install a single user licence to more than one machine!