Windows Anytime Upgrade License Question

Man of Honour
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If i were to upgrade my current Windows 7 Home Premium license using Windows Anytime Upgrade, would that mean my current Home license would then be free for another computer or does the new Ultimate/Professional license just act as an upgrade?

I was thinking about doing it so I could use the inbuilt XP Virtual Machine. I'm not so bothered about that now, but the question remains, basicly as it's £125 for a Professional license through there, saving me about £25 if my Home license would work (and be legal) on another computer...
 
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