The automatic activation will fail, because the license key is already used. Then phone MS (they have a special 'activation problem' number). If you can convince them you completely removed it from your old PC, they'll give you an activation code. Otherwise you'll have to buy a new license key.
I am upgrading to a new computer in a few weeks. My current computer has office 2003 (small bussiness edition) running on it which does eveything that i need it to do. I want to take MS office 2003 off my current computer and put it on my new computer-and keep everyting working. Since you have to activate every copy of office when (or just after) you install it, i'm assuming that i won't be able to get it working on my new computer without removing it from my current computer. Is there some way of doing this with out 'hacking' office?