I'm not sure. iLife 08 may be transferred from one machine to another, but the transfer must include "all of the Apple Software, including all its component parts, original media, printed materials and (the) License". Since iLife is bundled with new Macs and is on the same discs as Mac OS X, it seems that transferring the original media from your employer's Mac to your Mac would also transfer the licence for Mac OS X. So unless your employer's Mac is covered by a different OS X license (e.g. a site license) then it looks to me like the answer is no. I am not a legal expert, though.
I'd just buy your own copy of iLife 08 if you want it. It's not very expensive.
More details on the iLife 08 license here:
3. Transfer. You may not rent, lease, lend or sublicense the Apple Software. You may, however, make a one-time permanent transfer of all of your license rights to the Apple Software to another party, provided that: (a) the transfer must include all of the Apple Software, including all its component parts, original media, printed materials and this License; (b) you do not retain any copies of the Apple Software, full or partial, including copies stored on a computer or other storage device; and (c) the party receiving the Apple Software reads and agrees to accept the terms and conditions of this License. All components of the Apple Software are provided as part of a bundle and may not be separated from the bundle and distributed as standalone applications.