Yes, you can install Office 2010 as many times as you wish, just remember it's only one install on one machine though. You can't install it on several different machines.
Well, do note there are versions of Office that allow you to install on multiple machines. The very popular
Office 2010 Home and Student version is a perfect example that allows home users to install on 3 machines at once, including the machines of dependent students living away from home. But note if it does not specifically say more than one computer, you cannot install it on more than one at the same time. This means you cannot install a single license version of Office on your PC (the "licensed device") and your laptop, even if you are the only one using those computers, unless it specifically says multiple computers, or it specifies you can install a copy on a "portable device" for use by the
single primary user of the licensed device. So Sarge, check your EULA, you may be in violation.
Outlook, on the other hand, is typically sold in single license versions only - at least for home users. But again, as my fellow Master Sergeant states, since you are upgrading the same machine, you can reinstall it all you want.