My company provided a free copy of Microsoft Office 2007 for home use
which I installed on my personal laptop. It works fine and gets
updates from the MS server. My desktop computer has Microsoft Office
2003. I have decided to swap installations and put the 2007 edition on
my desktop instead now and put the 2003 version on the laptop..

How do I go about performing this feat? I am sure there will be
licensing issues when I go to validate the products. I don't want to
mess up my current installs unless I know I can make them work properly.