If it is a Retail version, it'll activate without problems, as long as you don't have it activated on your machine, since retail version can be activated on any PC but just 1 PC at a time..
If it's an OEM or Upgrade, it won't activate. unless you call microsoft and explain that your motherboard died or something (although, it wouldn't be honest) and i'm not sure that they'll activate it.
Retail = Yes
OEM/Upgrade = i'd say, No.