This is a quote from my hand out that I give the students for downloading Inventor, but the process is exactly the same for 3DS Max. It should give you a serial number and product code on the screen, which you enter in to the installation wizard. Activation occurs the first time you run the program, you click "activate" on the window that pops up, then you have to log in (with a separate account) and voila! you software is activated!
Quote:
1. Make sure your computer can handle the software (refer to the provided table)
2. students.autodesk.com > “Register”
3. Enter all required information
4. You will receive a confirmation email. Click the link to create account
5. Return to students.autodesk.com > “Login”
6. Go to “Free Software” tab at top of page. Select “Autodesk Inventor Professional 2012”
7. Select appropriate Version, Language and OS then agree to terms in pop up window
8. Record Serial Number and Product Key > “Download”
9. WARNING! The file is large (3.3gb) Depending on your internet connection, it could take up to 2 hours.
10. When the download completes, run the file. The extractor will automatically run and upon completion will begin the installer. Follow Autodesk’s excellent on screen step by step installation directions.
11. Install only what is recommended.
12. Be sure the content library is selected for install, and when prompted to, select to install all of the contend libraries
13. When the install is complete, run the program for the first time and follow the directions to register the software. You will be asked to log in, you must create a new account on this page, the username and password you created earlier in the process will not work here. Unless of course you have licensed software in previous years.
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EDIT: I also saw your looking for 5 licenses, each account on the student community is good for one activation. Each computer that you indent to install and activate on needs its own account (and serial number and product code)