ArcGIS Desktop 9.1 comes in three separate license levels.
The "ArcView" license level is the most basic. This is run as a stand alone application, only requiring the user to register with a keycode at the end of the installation process. Specific editing and analytical tools are not available at this level.
The middle tier is the "ArcEditor" license level. It is called ArcEditor because, at this level, the user is given a greater variety of editing tools for creating / modifying vector spatial data files. This can also be run as a stand-alone application - the software is enabled via on-line registration with a keycode. Certain analytical tools are still disabled.
The top level is called the "ArcInfo" license level. At this level, the user is given the full suite of all editing and analytical tools that are available in the Desktop (GUI) version of ArcGIS 9.1. The user is also able to install the command line Arc/Info Workstation. This level requires 1) a license file and 2) a USB or parallel port hardware key. The license file/hardware key can reside either on a networked server accessible to one or more client PCs, or they can reside on the individual PC.
If you need to run the top level of ArcGIS, you can contact me for more information about obtaining the license file and hardware key.
The link below is a complete list of the tools that are available at each license level.