I don't think it'd work since I believe since it's not going by the SN in the registry but but the BIOS recognition to see if it has dell hardware or not. :dunno: I never tried a Dell copy so I have no diea.
The Installtion Key is unique, and will only work for that copy of windows only, so you don't need to change it.
If Dell gave you a full Retail copy of Windows XP and Not their version of recovery disc then it would work since Windows Copy doesn't have anything else to it BUT its own key to recognize by.