NO!!!
The OEM License is legally limited to the FIRST PC on which it is activated.
Historically, MS have been fairly liberal in their interpretation of the rules - but this is not by any means guaranteed.
What MAY happen is that BOTH/ALL machines become non-genuine by reason of breach of licensing terms.
The License Terms are ONE LICENSE -> ONE COMPUTER. [edit] So long as the correct Product Key is used on the correct computer, MS doesn't really care what media are used to install it. The only exception would be using the OEM_SLP Key, which requires the use of the manufacturer's Recovery media.[/edit]
That's really all there is to it.