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The Entourage X and 2004 End User License Agreement allows you install one copy on a laptop and one copy on a desktop, as long as applications are not running on both machines at one time. It's recommended you download the latest updates as the original release copy had some problems with licensing and copy protection.
In Office 2001, you can store the Office applications on a network drive, but you need a separate license for each computer connecting to use an Office application. Licenses may not be shared between computers.
If you can't update then MS has probably disabled the CD key in the installer because it has been pirated and spread over the internet. See the Install section for more info.
The EULA for Office and VPC/WinXP are separate.
Office does allow you to install on 1 laptop and 1 desktop.
VPC/WinXP EULA does state that you can install on only 1 machine - period. The WinXP portion of the EULA goes on to specify that user can only install on 1 machine, with no more than 2 CPUs.