You need to check the licensing for the game. If it explicitly states that it can only be installed on one machine at a time, then you are out of luck.
You might be lucky & it says can only be used on one machine at any time.
At any rate, you can dump the CD to an image using alcohol or the blindsuite & then mount the image with daemon tools for use on any machine. Be aware that many games "call home" so if it is used simulataneously on multiple machines, your installation code can be blocked, and all installations be deactivated (aka unusable).