lneville,
I think you need two IP licenses for your two server.
For the localhost, you can use the software on any machine via http://localhost/ for development purposes. However if the web server is accessed using another hostname (i.e. it is a shared server) then you need to buy a copy for it. This means each of your development servers and test servers must have its own license.
Hope it helps.
Let me know if you have any further questions.
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