In AutoCad it's called "Portable license utility" and it has it's own start-up icon in the Autocad 2007 menu start-up area. it worked pretty good as I've used it to move my license around. The only bad thing is that it is the real license that gets moved, so you need to get it back. In your situation, it's only you so that is good. ie: if you gave it to comeone and they decided not to give it back, you not going to be a happy camper.
Microstation, as Lori said with select server you can do it. I'm not sure about another way though
Pieter