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If you've installed this copy of Windows XP (technically, this CD key), it is only valid for one machine. A large change of hardware - like a totally new computer - will require you to call Microsoft and let them know of the change. You will be able to install it without a problem, but Windows Activation (a feature within Windows) will nag you for 30 days and then lock you out until you call them.
When you activate your copy of XP, a lot more information than your IP is sent, but they claim it is nothing personally identifiable:
"To ensure the end user's privacy, Microsoft uses a one-way mathematical algorithm to create the hardware hash used by Product Activation to create the Installation ID. Once created, the hash information cannot be calculated back to its original values. Hardware information is sent through the algorithm in the software on the PC-not at Microsoft-to create the hash. The raw hardware information is not known or sent to Microsoft. Ensuring end user privacy is a No. 1 design goal for Microsoft with Product Activation."
I don't personally trust them, but that is their official stance and the one they'd have to defend in court if they were caught collecting additional information.
If your computer is "hot," Microsoft has no interest in finding out or reporting you to the authorities. Physical computer theft is incredibly hard to trace, as there is very little to tie a physical machine to its physical owner.
Keep in mind, however, that in the event that local authorities somehow manage to track you down, they can confiscate (e.g. take) the machine without compensating you, as it is stolen goods. Likewise, contents on that machine (like any illegally licensed software you have) would be admissible against you in legal proceedings.
So, in short:
(1) Don't buy computers you think might be hot, unless you can handle the risk of having them confiscated from you at any time, with no compensation, and with the possibility of your personal data/software use being known to authorities.
(2) If you _do_ need to install Windows XP on multiple machines, pirate Windows. Pirated copies don't need to be activated, and work very nicely.
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"I'm typing on a computer of science, which is being sent by science wires to a little science server where you can access it. I'm not typing on a computer of philosophy or religion or whatever other thing you think can be used to understand the universe because they're a poor substitute in the role of understanding the universe which exists independent from ourselves." - Willravel
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