The applicable excerpt from the EULA for Office 2003 Teacher and
student is below. This should clear up your "puzzled", but if not, the
answer is no.
2.5 Qualified Educational-User Only Software.
(a) You must be a "Qualified Educational User" to license this Software.
If you are not a Qualified
Educational User or a member of the household of a Qualified Educational
User, you have no rights under this EULA
and are not authorized or licensed to use this Software in any manner.
To be a Qualified Educational User, you must
meet the "Qualified Educational-User Criteria" set forth on the product
packaging for this Software at the time of
installation.
If you have any questions concerning the Qualified Educational-User
Criteria please contact the Microsoft
Sales Information Center/One Microsoft Way/Redmond, WA 98052-6399 or the
Microsoft subsidiary serving your
country.
(b) The license granted herein for use of the Software is a personal
learning license intended only for noncommercial
purposes by Qualified Educational Users and members of the same
household as the Qualified Educational
User.
No one may use this Software for any commercial purpose or in any way
related to the operation of any
business enterprise or revenue-generating activities.