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All you have to do is install RH on the 3rd PC and activate it in the normal manner. By uninstalling it from the 1st or 2nd PC you are in effect deactivating it. By the way, normally licences only allow installation on a PC and a laptop located away from the PC (to allow the application's use whilst away from the office). Not sure if this is the case with RH.
I read on the Adobe site that uninstall does not release the activation key and uses up a license, and there is something called "transfer of software license" which is required to be done. There is no further information on how all this work or what Iam required to do. If I simply uninstall RH from the PC will it free the license I have used while activation?
RH6 has tighter activation in line with what is on Adobe's site. For X5 it is as Colum describes. As to what PCs you install on, it doesn't have to be a laptop. My understanding is that the same user (the key bit) can install on two PCs but they must not be in simultaneous use.