Yes it is possible and as proof I sit here typing from a computer on which I installed a Dell OEM copy of Vista Home Premium (32-bit). There was no problem with the installation and in fact activation, it accepted the code supplied no questions asked.
I only did this to see what Vista was like before committing to purchasing it, which I did eventually to get the 64-bit edition. However, under the terms of the license agreement this is not allowed and it's really up to yourself, fatrabbit, to decide whether you want to break the law or not.