In a perfect world, and legally, it should run. 
With all the licensing programs and algorythems (sic) out there it's really a crapshoot as to why it isn't running.  I have several licenses at work that e-mail the company in the background whenever it is installed or un-installed to keep track of the license.  If the companies database reflects that the license is still in use, it won't install.  Adobe's CS license does this, along with some engineering app's we have.  I haven't run into this in consumer software, but it's not out of the realm of possibility.   I have called on several occasions when I have forgotten to remove a license from a PC going off lease, or when a HD goes bad.  The rep's are usually fine with re-authorizing the license, as long as your story is credible.