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I was about to buy a Portal 2 - Two Pack, but I'm not sure how to proceed:

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What happens to the second license when I buy the Two Pack? Will I still be able to 'gift' the second license to somebody else?

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Let's try having you gift that second license to me and see what happens... – bwarner Apr 19 '11 at 19:26
up vote 16 down vote accepted

If you buy it for yourself, 1 license is automagically added to your account, much like any other Steam purchase.

The other becomes accessible in the "Gifts and Guest Passes" window (Games -> Manage Gifts and Guest Passes): steeeeeeeem

From here you can send the game license via email or to anyone on your friends list.

If you buy it as a gift then both licenses will be accessible through the "Gift and Guest Passes" window, and you won't be able to give yourself a copy.

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Chosen as the accepted answer, because my money was held ransom :P – Ivo Flipse Apr 19 '11 at 18:57
A side note since this question was bumped to the front page: The Gifts and Guest Passes inventory now uses the standard Steam Inventory interface instead of the pictured dialog. – Powerlord Aug 23 '15 at 22:10

When you purchase a pack from steam, one game is automatically added to your account and you will have the ability to grant the remaining gift key(s) to anyone on steam. So yes, you want to purchase it for yourself if you want the ability to keep one copy.

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If you purchase as a gift, you can also send your gift through email to someone who doesn't own steam. So, you can easily send this email to your own address and 'claim' your own gift if necessary.

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That's what the inventory is for. – kotekzot Nov 7 '12 at 13:15

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