Can I work with both Versions 2 and 3 ?

I have a Powerbook laptop and G5 desktop (both pre- intel) running version 2 of LR.
I have ordered a new intel Mac and thinking of installing LR3 on it.
My Lightroom dbase and image files are on an external Hard Disc Drive, for mobility purposes.
I want to be able to work on all 3 computers with LR.
The way I see it I am stuck with version 2 or is there a way to use both?
As soon as I update my database to 3, Will it no longer work on 2 ?

It often makes more sense to read the license agreement yourself than assume others have and will accurately reflect it in their response.
I have attached a copy of the EULA and provided some extracts below. You'll note that continued use of the earlier version is permitted under certain circumstances.
Extracts from Lightroom 3 license
2. Software License. If you obtained the Software from Adobe or one of its authorized licensees and as long as you comply with the terms of this agreement, Adobe grants you a non-exclusive license to use the Software in the manner and for the purposes described in the Documentation, as further set forth below. See Section 14 for specific provisions related to certain components.
2.1 General Use. You may install and use one copy of the Software on up to the Permitted Number of your compatible Computers; or
2.2 Server Deployment. You may install the Permitted Number of copies of the Software on the Permitted Number of Computer file server(s) within your Internal Network for the purpose of downloading and installing the Software on up to the Permitted Number of Computers within the same Internal Network; or
2.3 Server Use. You may install the Permitted Number of copies of the Software on the Permitted Number of Computer file server(s) within your Internal Network only for use of the Software initiated by an individual through commands, data or instructions (e.g., scripts) from a Computer within the same Internal Network. The total number of users (not the concurrent number of users) permitted to use the Software on such Computer file server(s) may not exceed the Permitted Number. No other network use is permitted, including, but not limited to use of the Software, either directly or through commands, data or instructions, (i) from or to a Computer not part of your Internal Network, (ii) for enabling Internet or web hosted services, (iii) by any user not licensed to use the Software under a valid license from Adobe, (iv) as a component of a system, workflow or service accessible by more than the Permitted Number of users, or (v) for operations not initiated by an individual user (e.g., high-volume automated server processing of wire feed content); and
2.4 Portable or Home Computer Use. The primary user of the Computer on which the Software is installed may install a second copy of the Software for his or her exclusive use on either a portable Computer or a Computer located at his or her home, provided the Software on the portable or home Computer is not used at the same time as the Software on the primary Computer.
2.5 Backup Copy. You may make a reasonable number of backup copies of the Software, provided your backup copies are not installed or used for other than archival purposes.
The policy for upgrades is
5 . Updates. If the Software is an upgrade or update to a previous version of Adobe software, you must possess a valid license to such previous version in order to use such upgrade or update. After you install such update or upgrade, you may continue to use any such previous version in accordance with its end-user license agreement only if (a) the upgrade or update and all previous versions are installed on the same device, (b) the previous versions or copies thereof are not transferred to another party or device unless all copies of the update or upgrade are also transferred to such party or device and (c) you acknowledge that any obligation Adobe may have to support the previous version(s) may be ended upon the availability of the upgrade or update. No other use of the previous version(s) is permitted after installation of an update or upgrade.Upgrades and updates may be licensed to you by Adobe with additional or different terms.
"Computer" means a computer device that accepts information in digital or similar form and manipulates it for a specific result based on a sequence of instructions.
"Internal Network" means a private, proprietary network resource accessible only by employees and individual contractors (i.e., temporary employees) of a specific corporation or similar business entity. Internal Network does not include the Internet or any other network community open to the public, such as membership or subscription driven groups, associations and similar organizations.
"Permitted Number" means one (1) unless otherwise indicated under a valid license (e.g., volume license) granted by Adobe.
Full License is appended below

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