XP Pro Retail

You will have to activate yes, but you wont be limited to the machine it goes on.

You are entitled to install it on any machine as long as you only have it on one at a time.
 
Except even with OEM installs I've never had a problem activating. After a certain number of times you can only do it by phone but they always activate it. I think I'm up to activation number 10 now on this OEM XP Home.
 
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