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Yes. You can install and reinstall PowerDVD as much as you want.
Bogdan, that's not technically true.
There is a watchdog built into the software activation, so that if you try to activate the same licence key too many times, it will be locked out. I've experienced this myself when I had some hardware failures on my PC (not related to PowerDVD), and had to re-install Windows and all my applications several times. After a certain number of times, I got an error message saying that my activation had been locked.
But Cyberlink tech support removed the lock, after I answered a few questions and submitted a couple of report files (dxdiag among them, from memory) to show I wasn't trying to install the same licence on multiple machines.