When I had Waves on 2 machines I believe I just installed on both machines and then sent license to the dongle and then did the same thing on the second machine.

BD is correct. Just install through WC. Then when you want to use the pc in the basement, or anywhere else for that matter, just bring your license, plug it in. Your good to go.
 
If you create an 'Off-Line Installer' then waves will create an 'installer' in the directory you choose. But you still have to use WC to take that 'Off-Line Installer' and install it to another machine. 
 
If you start moving the Waves folder around, your just shooting in the wind. 
 
And btw, the license engine is not on the USB stick. Only your licenses is. The licenses engine is installed on the machine with WC. You can install Waves plugins on as many machines as you like. But will only be able to run them on one machine. The one with the licenses on it.

Thanks  a bunch guys,
 
I appreciate the help. I was still having problems with the license, so I am just sticking with using Waves on my Sonar PC for now. 
 
 

I use the USB method for my laptop and studio PC. Once setup it is completely transparent. The only pain is keeping up with all the various plugin updates.