You are right.
AS Long as u keep the original Proccessor, and HDD.
A Windows XP OEM license lets you install Windows XP on that system only. You can reinstall the OS as many times as you want, but you cannot use the CD-Key on any other Factory installed OS systems like DELL or Gateway etc…. You can on DYS systems as in upgrades
You can also create a new systems Administrator, User (name), change workgoup , domain name , then delete previous user name(s)and u will have a new PC without having to re-install OS, (provided you have Admin. access) then update as nessary. from 99abx