I just want to clarify terminology - renew is what you do when your 12 month subscription expires or is about to expire. This requires the purchase of an additional 12 months with a credit card or the input of a new retail product key. You can purchase another box copy of OneCare and use that key to renew an existing subscription.
A subscription is activated when you first install OneCare on the first PC and provide a LiveID and either payment information or a retail key. Once the subscription is activated, all reinstalls and installation to a 2nd or 3rd PC are activated with the LiveID only. The initial key can never be used again, although support can look up the key to advise you what the LiveID used to subscribe was in the event that you forgot.
By the terms of the license, you can use OneCare on up to 3 computers for a single subscription. If you reinstall on the same PC or uninstall from one PC and install to another, you do not "use up" activations - as long as no more than 3 computers are running OneCare, you are within the terms of the license.
-steve