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Yes, it's possible, but then you will run out of activations. That is, you will not be able to install Photoshop (or any other suite component) on another computer witout deactivating one of the first two.
That would be fine with me. I just want to make sure it's okay before I would plunk down the money to buy the suite.
Thanks for the input.
I think it may be technically possible, but not actually allowed.
As I understand it, you may install CS3 on two computers - hence, you
are allowed two activations. But this must be two computers belonging
to you, say a desktop and laptop. There must be no possibility of the
suite being used in two places. And the suite is a suite, not a set of
components that can be split and used separately.
So, unless I missed something on the license issue, I'd say no.