a coworker found this:
3. "How many times can you actually activate XP?": On the same PC with substantially same configuration, you can activate infinite number of times. Substantially Same PC means 5 hardware changes when NIC is present and 3 hardware changes when the computer does not have a NIC. Also, after every 120 days, the activation counter is reset and activation on a completely different PC will go through without hassles over the internet. EULA requires that this be done only after previous computer's Windows XP has been deleted. On a substantially different hardware, activation within 120 days of previous activation can be done over the phone after explaining what the changes are. No Personal Information is required.
4. Windows XP allows installation ONLY ON 1 PC at any given point of time. Subsequent activation requests are REJECTED. If a user lies that the installation from the first PC is deleted, then the user is given activation for the second PC.