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Depends if it is an OEM copy of Windows. (came with the PC) then no!
If you bought a retail edition of XP then you may install it on the other PC.
Is a windows Xp Liscen transferable from PC to Pc.. had a hardware failure and need to replace the pc ... can use the windows sticker on the old box ?
It DEPENDS primarily on local law. In the EU it is, EULA or no EULA. The EULA does not override LOCAL laws. In SA it's probably 'illegal'.
In SA if your OEM h/w died, the vendor should supply you with new h/w (and OEM OS). This is why some places have consumer
laws and first sale doctrines, others just don't care.
True but something tells me greggpb lives in South Africa.
Btw OEM will only replace your hardware if it is still under warranty.