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Whilst Googles outline of TOS takes a bit of reading
It does set our reasonably clearly what you can and cannot do.
Its really not worth the risk of overstepping their boundaries, as they can withhold payment at the drop of a hat
You can only place one set of ads (one copy of the AdSense HTML ad code) on each page. Otherwise, ads may be double-served. In an effort to maintain the quality of our program, Google does not support double-serving. Please select the one ad placement best suited for each of your pages.
You can read the full FAQ here:
And the technical FAQ here:
And welcome to WebmasterWorld :)