If you have enough disk space on both machines to store your media files, you just need to move .prproj file between them. Otherwise consider having external drive (preferably eSATA one or at least USB 3.0 in order not to create a bottleneck) for media files and Media Cache Database so as to avoid reconforming every time you launch the project.
So if I do put my media files on both mahcines how do i thne connect the .prproj file the first time i move from one machine to the other?
And after that do I jsut delete the old .pproj file and replace with the new one and it will work? No re-linking or anything liek that?
If full path to your media files, including drive letter, is identical, you simply overwrite the project file (rename old file if you want to keep tracks). If the path is different, you'll have to relink your media files (you'll be asked about missing media on launching the project).
Having all files on an external HDD works OK. At least with HDV material. You then just carry the HDD between machines.
The only problem with having two copies of the media (one on each machine) is that sometimes you or premiere renders out extra files as part of the editing process, EG rendering an effect that has a red bar over it or using render and replace. Those files will only exist on one machine - unless you find them and copy them to the exact same place on the other machine.