Buy an iLok 2 or 3(around $40). Open an iLok account at iLok.com(free)and write down the login info somewhere(its amazing how many people forget their info
). I put mine on a post-it and stick to the back of one of my monitors
Download and install the ILM(iLok Management) software. After the reboot, open ILM and sign in. Connect the iLok to a USB port and the ILM software will ask if you want to register it to your account(you do). Then have your friend transfer the iLok license from their account to your account. Once you see it under the "Available" list, drag and drop the license onto your iLok