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Windows activation is coupled to a number of components in your computer, mobo, CPU, boot disk, video card, memory. Up to a certain degreee components can be exchanged when they die, but when too much - in Microsoft's opinion - changes, the activation is lifted. Where those limits are, I don't know. If it happens, you can always contact Microsoft for a reactivation. I had to do that once and it was a simple matter of picking up the phone and give them a call and an explanation. Reactivation was immediately arranged.
Do the Hardware components have to be ones listed as OEM for Microsoft to recognize them ?
I can't find any specific information on Microsoft's website about who or what qualifies for Windows OEM.
OEM qualifies for all DIY systems.