No you can't, well physically you can be legally you can't. OEM software is tied and bound to the first machine you install it on and it is non transferable to any other computer. That is why it is cheaper, because it is OEM and it is originally meant for system builders to buy bulk OEM licenses and then preinstall them on their machines they sell to customers.
OEM licensed OSes from Microsoft are meant to be purchased and bound with a system and then follow that system and never be allowed to transfer into a new one. There are some gray areas, like upgrading. So that is why you can still physically install it, otherwise the DRM would be written so it wouldn't work at all.
When I used to work with a system's builder and we would do OEM installs of software like MS Office and Windows OS on barebones, if that system was returned by a customer under their 30 day return policy we were not allowed to take that software off. We had to sell that system with all of that software installed because the OEM license would not allow for us to transfer the software to another computer. Of course we were a corporation and Microsoft would audit us on our licenses at times. I doubt they will go after an individual, but just to be clear on the subject. OEM licensed software is not transferable from computer to computer at all. Only retail boxed copies are.