Hello jdhbris,
When you receive an invalid product key error during an installation of Office, that means you have a product key mismatch.
In other words, the product key and the product you are trying to install are not compatible with each other. Many Microsoft products come in different editions, and within these editions there are different sales channels that do not allow the product keys to be mixed and matched. So, a full retail product key, an upgrade retail product key, and an OEM product key (three different sales channels) for the same edition of Office would not be interchangeable.
If you are sure that the product you are trying to install on the new laptop is the same product as on the old computer, please follow these instructions
on the old computer:
In order to receive the best support, we request all users initially download and run the Genuine Diagnostics tool at this link http://go.microsoft.com/fwlink/?linkid=52012. Click the "Continue" button, click the "Copy" button, then paste the report into your post.
For great advice on all topics XP, visit http://www.annoyances.org/exec/forum/winxp