My laptop came with windows 7 home edition without installation disk. There is a hidden recovery partitition and a recovery disk. How can i create a windows 7 installation media and can i use it on another computer?
Check your Start Menu for the name of your vendor. In that section, there may be a tool that allows you to create installation/recovery CDs. If you don't find this section, then either these CDs were already generated in the past, or there was a mail-in card (usually with postage pre-paid) with your laptop's documentation that you can send to your vendor who will send a set of CDs back to you in the mail.
Also: The "Windows Product Key" sticker on the bottom of nearly every laptop is exposed, and over time wears out to the point where it's no longer readable. You should get a photograph (or scan) of this sticker [on the bottom of your laptop], and keep it with your receipt; if you ever need to re-install from a generic installation CD, then the condition of your sticker won't be an inhibiting factor.
As far as using on another computer, the Windows 7 license you have will be for one computer only, so you're not supposed to use it on two computers at the same time. For my clients, when an old computer fails and they have the option of getting a new one without an OS, I'll often help them transfer their Windows license (and data files) to the new computer in order to save them the cost of buying an extra Windows license.
Now, if you install from the recovery CDs (assuming you get to create/receive a set of these), there will likely be an assortment of hardware drivers that won't be compatible with your new computer, so you'll be much better off just installing only Windows itself (then obtaining drivers from the new PC vendor's web site as needed).