Music software doesn't generally prohibit that. It is just another market for retailing the product. With production software, the only thing added to the OUTSIDE of the shrinkwrap is a sticker. There is nothing different about them whatsoever...now, other types of software is a different story, but there are no such restrictions that I've encounted with music software.
All that aside, it pays to be in college. To get the discout, you do have to get them current registration info, school ID, and a copy of transcript and current schedule before you can buy anything. Since I will be enrolled in college classes for the rest of my life, it is a nice bonus to get the music stuff cheaper.
I wouldn't call buying it while not being a student on the same level as piracy. Having a student friend buy you an academic version isn't the same thing as them buying you booze if you are a minor or anything either... I mean, these students "discounts" are still generating a profit, no "discount" is sold for a loss unless you are Wal-Mart and can make it up elsewhere. And since they are still making a profit of these academic versions, it really speaks to the mark-up things things have at their MAP prices to say nothing of MSRP prices...
Just food for thought.