If the version of Office came preinstalled with your PC, you can't transfer the license because OEM licenses are locked to the machine they are first installed on. If you try activating with your OEM's key, you'll get an error message saying that the product key is already in use.
If you purchased a retail copy of Office '07 from a retail store and you haven't exceeded the maximum number of times your key can be used, you can use the same key to install and activate Office. You can activate a retail copy of Office 2007 three times on three computers.