In theory yes. The trouble is two fold. First this would constitute piracy. Other than Linux you don't have many companies that allow an operating system to be use without purchasing a second legal copy. Second. If you are talking about XP Home or Professional, the minute it detects you are on a second computer MicroSoft will disable both copies via the internet and cause you to contact them for a new activation code.
I would try Red Hat 9
(If still available) as a start. I found it has a lower learning curve then Slackware
or Suse Linux
The Linux I currently use is Puppy Linux
. It is free and comes with a lot of freeware. If you have 256mb of RAM and a CDRW you do not even need to have a hard drive. You can run it on computer with as little as 32mb RAM if installed to the hard drive.
I am sorry if this is not the answer you wanted or expected but I do not think anyone here will help you violate the copy right protection of Windows. The EULA for windows prohibits what you want to do.