Final Cut Studio 3 on two computers

Two people working on project but would like to use new Final Cut Studio 3. Is it possible to install FCP on external hard drive and have them go between the different computers or are there other possibilities.
Basically the licensed user of FCP is not quite proficient on the tools so has hired a student with earlier education version of FCP.
I would be "IT" for licensed user so question was posed on how to share between two users but want to keep it legal.
I have already installed the update on licensed user but might have to uninstall to move application to external drive or is there a "key" like Adobe uses that I can disable this computer & enable the other.
Thank you in advance

Is it possible to install FCP on external hard drive...
No. It has to be on the same drive as the Mac OS running your computer.
The license stipulates that FCS may be installed on one Desktop and one Laptop owned by you.
Both versions may not be used at the same time.
There's no difference in functionality between an academic and commercial copy of FCS.
The difference is in what you are allowed to do with it, i.e. no commercial work with an acedemic version.
Exchanging projects between different versions of FCP is done via XML. The machine with the newer version should generate the XML so that the older version can read it.
[Final Cut Pro XML compatibility chart|http://www.filmpronet.com/kb/index.php?title=FinalCut_Pro_XML_InterchangeFormats]

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