An OEM license is fine if you're using the key you have on the original harware.
If you've changed the motherboard or hard drive it's less fine. (I've had this conversation with MS alot as one of their partners and they're not too sure what is acceptable for OEM licenses either).
Another problem you'll have is that if you don;t have OEM media, your license key won;t work, convenient, eh?
If you're using the original hardware (more or less) then the OEM license is valid and you'll be legal if you can find an OEM CD, otherwise you need the full version at £180 (that's my lowest price for it, anyway).
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