I'm not a lawyer, so I may be wrong, but here is my understanding:
1. Yes, as long as it is for personal use it does not matter where the installation is and as long as it is for non-commercial purposes.
2. No. A student license is tied to the student and can not be used for other purposes than for educational purposes.
These forums are not frequented by Adobe employees, and certainly not by the Adobe legal department. So any responses you might get can not be considered authoritative. It's best to go to adobe.com and search on educational license information. Here is one link that might be helpful http://www.adobe.com/aboutadobe/openoptions/pdfs/adobe_student_licensing_option_expanded_f aq.pdf
Thanks Geiorgio you pointed me in the right direction and I found this:
So it can only be installed on 1 private computer so it cannot be used at work. In addition only 1 copy can be purchased per person so they cannot buy multiple copies.