Technically, it should work. It will insist on running through re-activation, which will fail, and you will have to call Microsoft to explain that you have moved it completely to a new computer, and removed it from the old computer.
License-wise, it is not supposed to be okay. The license does lock the license to the hardware that the software was sold with. This means that you theoretically aren't even allowed to, for example, buy it all by itself; but you have to buy it with a piece of hardware. And THAT piece of hardware must be in the computer that the copy of Windows is installed on. (One particularly iffy trick is to buy the copy of Windows with a mouse, then you can just move the mouse from computer to computer.)
Just so all will know, OEM licenses are NOT supposed to be transferred to a second machine. The Window OEM EULA (End User License Agreement) specifically states this. Don't believe me?
1) Open Windows.
2) Click on Start Button.
3) From the Run Dialog, enter the command "winver", then press Enter.
The version will be displayed in a largish dialog. In that dialog will be a link labeled "Microsoft Software License terms"
Click on it, and the EULA will be displayed. READ IT. You will be enlightened greatly. While the older EULAs were filled with great amounts of 'legalese", the Vista EULA is a little clearer.
My experience has been, however, that Microsoft Activation techs tends to be much more liberal than the License states. This is probably because of all the negative publicity Microsoft has gotten over the years. While I do not advise one to commit software piracy, you will find it is much easier to re-activate your software via telephone than the horror stories indicate.
I'm almost positive that the license techs are instructed to do all they can to make sure a re-activation call has a positive outcome for the user. I've never been turned down for an activation after making a phone call, and I've installed (and activated) OEM copies of XP and Vista just about all ways they can be installed and activated.
Of course, I'm just a user, and not an employee of Microsoft, so I really can't be more specific. You will just have to take your chances with the rest of us.
Please keep these facts in mind:
1) An Activation Tech is NOT supposed to ask for ANY personal information before, during, and after activation. If he or she asks, politely remind them of this fact. If they still insist on it, demand to speak with their supervisor, and inform them of their attempted breach of your privacy and security.
2) Do NOT be confused by the differences between "REGISTRATION" and "ACTIVATION". "Registration" requires entry of personal information, but is NOT mandatory, or even necessary, to exercise your rights under the EULA. "Activation" IS mandatory, but requires NO personal information to complete.
3) Unless you Activate your copy of Windows, you will NOT be able to use your OS beyond the 30 day grace period. It will only work in "Safe Mode" if not Activated within 30 days. You don't want this to happen, I assure you, so Activate your software.
VistaFanBoi
-----------------------------------------------
My current hardware:
Apple Intel iMac 20" (Gen2)
You probably know the rest.