Windows' activation scheme allows you to use one activation code serial number per computer. In the case of OEM copies, you are only permitted to 'burn' that code once, while the full retail copies will allow you to reinstall (and reactivate) that software on another computer if you want. However, the part about 'only one computer at a time' still holds, so if you install and activate on one, then run right over and install on another and try to activate, Microsoft's activation servers will prevent activation on the second machine unless enough time has elapsed since the last time the first computer has talked to the activation servers that they think it is no longer in service. I don't remember exactly how often a computer 'checks in' with Microsoft's servers, though I believe I've seen that information somewhere online, and I believe that if enough time goes by (or if enough upgrades/changes are made to the hardware configuration of the machine), then it will demand to be connected to the Internet for reactivation (or else make you phone in a challenge/response code).
tl:dr; Possible to install, but not activate.
--Patrick