Uninstall then reinstall is the only valid method, unless you buy a second license for the second computer.
As for migrating email and what not, there is bound to be a MSKB article on that if you do a quick search. No point duplicating effort.
I am currently running Outlook2007 on a Toshiba M35X-S309 with XP home. I want to run it on a new computer which is a Toshiba L300EZ1502 with XP professional. How do I transfer Outlook2007 from one computer to the other?