This has been debated ad nauseum since the Intel Mac release.
Yes, technically it will most likely work. If it doesn't you can use something like
nliteos on another windows PC to slipstream an XP install disk that
will work (you can make as many copies of XP as you want) ... however ...
This is totally false. The OEM license is specific to that one machine. Even if you build your own PC and use an OEM version of XP you are not entitled to move it to another machine. Not even once. Not even if you put the PC through a blender so it can never be used again. Moving the sticker doesn't make it legal and doesn't protect you from any consequences there may be.
On the other hand, plenty of people have reactivated an OEM disk and there are not likely to be
any consequences once you've activated it successfully. If it doesn't activate automatically, you can phone up and ask for a reactivation. If you say you replaced the MB, Microsoft probably won't argue.
But if you want to follow the EULA, you must buy a separate OEM license for each computer you install it on (you can use the same install disk though).