Quick answer.... no. oem keys only work on oem discs. but you can change a file to allow it to accept an oem key. details
Here then you would have to re burn and make the cd bootable if you don't have access to an oem disk
quick way to reburn it and make it bootable is with
nlite
As for the slipstream issue, not sure why it wont work with the retail disk, i've done it with nlite and worked fine