Windows 7 upgrade and motherboard

This might be a somewhat complicated question but I honestly have no idea how this works.

I currently have XP Pro on my system but it's an OEM copy. I was told that OEM copies of Windows are tied to the motherboard so if I ever wanted to upgrade the motherboard, I would need to buy a new copy of Windows XP.

My motherboard (Asus M2N-E) is fine but there is one huge limitation which I really didn't understand because it was my first build. The DIMMs are limited to 1.95V which basically means when I OC, I have to underclock my memory and I'm severely restricted to the type of memory I can use (can't use any performance types).

So I was wondering, if I get the upgrade disc, can I change my motherboard to a new one? I don't care if it is a one time switch, at least I''ll be able to make a better decision this time.

As far as I understand, the Windows 7 upgrade works like this:
1. Place install disc in optical drive.
2. It asks you for your Win XP registration code.
3. Installation.

So if I swap in a new mobo before I start installing it, would that work?