Installing My Copy of Lion on My Wife's Computer

Hi there
I bought Max OS X 10.7 Lion from the App Store. However, I have found Lion to be quite sluggish on my 4+ year old iMac. As such I have reverted back to Snow Leopard.
My question, can I install my copy of Lion on my wife's iMac?
Thanks in advance.

I believe I have the most RAM it can accept, 4GB. Apart from an external Time Machine/backup drive, I have another external drive with software downloads and media from friends - both USB 2 drives.
Ninety-nine percent of the things I use are stored on the built-in iMac drive.
I suspect some of the new Lion features are slowing it down (such as the ability to save versions of documents and the ability to save an application's state). Performance was fine previously on Snow Leopard and earlier.
For the record my iMac was bought in November 2007; specs are:
Mac OS X 10.6.8
2.4 GHz Intel Core 2 Duo
4GB 667 MHz DDR2 SDRAM
iMac drive: 316GB (135GB available)
(Any suggestions appreciated tho)

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Installing My Copy of Lion on My Wife's Computer

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