I tried to search around and couldn't find my answer. I have Neoscene V5 on my Desktop at home. I have Adobe CS5.5 on a laptop cuz I like to edit at places like Starbucks (cliche I know) Is it possible to convert my 7d files to CF files, transfer them to an external harddrive, and then transfer to my laptop so I can edit on there instead? Or will it not read the CF codec cuz it's only installed on my desktop??

The CineForm codec is free, so you can use it anywhere. You can download the decoder only, but it is better to download GoPro CineForm Studio as that has a more featured codec and cool tools (for DSLR and GoPro) and is still free.

CineForm Studio: Software Download (http://gopro.com/3d-cineform-studio-software-download/)