Ok. Now that makes sense. And to be honest, I doubt it. I'm not going to drag out my conquests disk to see, but here's the deal. If there is a setup executable file on the disk, then it could work. However, the install for complete is basically one setup program running, with the approriate CD's added when required.
Why don't you try yourself. Of course, there is something else worth mentioning. You've only paid for one license of Civ 3 Conquests, so it should only be on one machine. Such is the way of copyright.