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But if you were to go to town with a laptop and download content for kindle-4-pc on the laptop, you would be able to read it at home on THAT LAPTOP. But you would not be able to read it on your computer with its version of kindle-4-pc since each book is encrypted to match the specific device.
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Almost correct.
From Amazon's webpage, you can choose "Download to PC". At that point, you get to choose which of your devices you are downloading it
for. So you could be on any PC (perhaps with a USB drive plugged into it) and download a copy of the file that is encrypted for your copy of K4PC at home (or your Kindle, or your
other K4PC installation). Then take the USB drive (or laptop) home and load up the ebook in K4PC.