It's a very likely to be a yes. I've moved an OEM licence from one machine being scrapped to another and it worked. We done it quite a few times as machines where I worked were getting upgraded. Slightly dodgy ground, but we viewed it as we bought the license with the PC, that PC is now redundant, so microsoft aren't losing as the company would not have paid for new XP licenses for those upgrade regardless.
Look on the CD and see if it's an XP installed, or image that's restored. I would try borrow a full XP disk (or from other "online sources") and try and install with that product key.
Last edited: Jan 18, 2016