Rebuilding PC-Can I reinstall OEM Windows XP with same Product Key

I'm not sure if I should be posting this here or in the new system build, but I thought I'd try here first. I have an OEM copy of Win XP home purchased from Newegg currently installed on my computer. I am going to replace my motherboard, cpu, ram, psu and video card. I plan on formatting my hard drive and reinstalling windows once the computer is all assembled. Will I be able to use the same product key, since it will essentially be a different computer? I've been doing searches and reading a lot about it, but I can't seem to make sense of it all. Some say the OEM version can only be installed on one computer, some say it will work as long as it is only one at a time. I'd like to hear from someone who has actually done this, if possible, not just hear what the Microsoft literature has to say.

Thanks so much!