Can I install my old OSX on a different computer after upgrading?

I have a couple questions:
1) I currently have Snow Leopard on my one computer and on another computer I just have Leopard. I am purchasing Mountain Lion from the App Store today and am going to install it onto my computer with Snow Leopard. Can I then take my old Snow Leopard disk and instal it onto my other computer?
2) When installing Mountain Lion onto my computer, will everything (Files, applications, games, etc) remain? Or does it wipe everything out?
3) I ultimately want Mountain Lion on both of my computers, does that mean I need to buy two copy's? Or can I down the same copy of Mountain Lion from the App Store on both computer and install?
Thank you in advance, any help would be greatly appreciated!

1) If SL was the original OS installed on that computer, you can't install it on a different computer. The DVDs are tied to the original computer.
Technically, if they are tied to anything it would be the computer model, not the physical computer itself. That means you could use it to install OS X on any computer with which those discs are compatible as long as you did not install on more than one computer at a time. I know this is a tad nit-picky, but that's the way it happens to be. No intended offense. Just hoping to be helpful.

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