Please if anyone knows, thank you.
So, just to clarify if I give this to another person to install on their computer will it work? Do I need to uninstall it on my own computer? Orwhat exactly would I need to do for it to work on another persons' computer?
Legally, you need to fill out the Adobe Transfer of License forms, send them to Adobe and wait for a response. Then destroy any installs you have of the product and provide original media to the new user.
If you search this site for "License Transfer" you shoudl find the forms. You can also contact Adobe Customer Support.
Here's what Scott was referring to:
If you never bothered to register and it is not listed on your Adobe account, the paperwork is not necessary. Just be clear on that you are really using a very oldversion of AI that won't work on most contemporary computers.