Actually DrJHBL you are confusing OD with standalone products.
If you buy WB standalone then yes you can install it on your own laptop & PC. If you lose the download file then you can get the download links via the serial lookup system which would mail you new links.
On standalone products updates are provided until the next major release.
So had you purchased WB 5.0 back in November 2005 then you would have got 5.01, 5.1, 5.2, 5.3, 5.4, 5.5 as free updates but not 6.0 which would have required an upgrade fee of $15 when it came out in late 2007.
Purchases within a certain amount of time of a new major release would get an upgrade to the new major release free.
If instead you purchase it as part of ObjectDesktop (49.95 or 69.95) then DrJHBL is correct about it being one years worth of updates.