http://support.microsoft.com/kb/218861
There you go jazznaura.
Don't you only get 2 licenses for each 2007 installation? I would be afraid of uninstalling the program unless it updates MS about you uninstalling it so it can take out the use of your license I would think.
.....ah! Nevermind:
http://support.microsoft.com/kb/828958
Step 2, part d.
You should be ok. I agree with jazznaura and XLD with the approach. I would definitely be connected to the internet while I do this if I were you...just to be sure.
Good luck Stan!