No.... OEM keys are not single use only..... Every year between XMas and New Years, we reinstall the OEM OS on every machine in the house.
My booting instructions are all in the XP 64 drive, if I disrupt that drive it will I disrupt everything, I love good challenges but installing several OS in a machine is something to think about.
That is the problem .... and someday you are going to have to address it. I find this the simplest (using 2 OSs to make simple):
1. With blank HD in PC connected to SATA port w/ 2nd lowest number, create a 128 GB partition and install the older of two OS's.
2. Install / update Windows / drivers
3. Create
and label separate partitions for your other needs .... say:
C:\Boot
D:\Games
E:\Programs
F:\Data
G:\Backups
Z:\Optical
whatever works for you.
4. Install stuff where ya like
5. Once done, install SSD or 2nd HD connected to lowest SATA number....... unplug 1st HD data cable
6. Install new OS to the new SS or HD
7. Repeat Step 2
8. Shut down and reconnect HD cable
9. Boot to the SSD/HD w/ new OS
10. Change drive letters and label to match Step 3..... pick a new letter for the C:\ on HD (I use X:\)
11. Install programs over themselves to set up registry entries on new OS
12. Reboot to old OS by switching boot order in BIOS.
13. The added drive will reshuffle the drive letters......change the drive letters as necessary as per step 3 and label the boot partition on SSD /HD as X:\
Now you can have all ya programs, data, and everything available under both OSs while eliminating any double installs. Your boot files exist totally separate from one another so one OS is totally incapable of bothering another.