If your Vista license was an Upgrade license then you can't use the XP & Vista license on seperate machines.
Other than that, you can upgrade/downgrade yourself.
The only time this hasn't been the case is when MS were offering a "one direction" free upgrade to 64bit WinXP for anyone who had bought a license between certain dates.
They made it clear that once you'd made the decision to trade in your XP license for XP 64bit you couldn't go back and it was your responsibility to make sure everything would work OK before you went ahead and did it.
You just buy OEM Vista.
However it will be tied to the motherboard inside your machine at the time of installation.
If you decide to upgrade your motherboard in the future you will need to buy another copy of the OS.
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