And I might have, umm... accidentally downloaded the thing from Windows Updates that checks whether your version of office is legal.

(Usually I don't download any updates for MS Office because of the risk of it finding out I'm committing piracy).

So, if I install the last update that checks the authenticity of Office, will I be safe to use it, or am I pretty much stuffed?

How long will it just let me click "Remind me later" when it asks if I want to see Microsoft's information on inauthentic software?

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Wikipedia, the all knowing god, has this to say on the subject of Office Genuine Advantage:
Office Genuine Advantage (OGA) is a program by Microsoft similar to Windows Genuine Advantage (WGA) which requires users of the Microsoft Office software to validate their copy of Microsoft Office to download non-critical updates and other downloads such as addons, samples etc. This is different from Product activation in that activation is required to use the software and is enforced at the software level, whereas validation permits users to download files and updates from the Microsoft web site and is Internet-based. Validation rejects those product keys that have either been leaked widely or those which have been key-generated to pass through activation but not validation. Office Genuine Advantage covers Office XP, Office 2003 and the 2007 Microsoft Office System.