The short answer is no. But most ISVs haven't really looked into this scenario that much. So the general rule of thumb is you would need to verify with the manufacturer of the software as to how their licensing applies. Most still say that if the applicatoin has been cached to the client it is considered an install. Since the resources required to run the app are technically on the machine. To my knowledge this is the Microsoft approach.
Since the prodcut is sold only with an add on to an SA agreement to MS, most of the customers are probably licensing their Microosft applications to all desktops instead of to indiviual ones. So this isn't as much of an issue.
Again, you would need to check with the manufacturer of the software. In some cases where concurrent licensing is sold, it may be possible to do what you are talking about. Office doesn't happen to be one of those examples.
This post doesn't discuss Terminal Services installs as they are a different beast as well.
mattmcdermott
