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Vista Upgrade question

If I buy the upgrade version of Vista, would I be able to re-install it when I buy new hardware, or is it locked to the motherboard like the OEM versions?

I am thinking about buying a upgrade copy of XP and a Vista academic upgrade copy (both of which I am eligible for) and doing that because it would be cheaper than buying a retail box of Vista. But I want to make sure that it isn't locked to the motherboard.

As an aside, what happens if the system gets fried and you own an OEM copy? Are you up the creek and forced to buy a whole new copy of Vista? I find that a bit hard to believe.
 
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