If I buy a new standalone version of WinXP that DOES NOT come with a
PC (i.e. it is not an OEM version) - and either my motherboard dies,
or I get rid of an old machine, house is flooded and PC is ruined,
etc.

Then what could I do?? I would buy or build a new one that has no OS
on it because I would want to use the expensive software I just
bought. But . . . can I then install WinXP, Activate it - and
also be able to Validate it when I need to download software from
Microsoft? Of course, right? Hmmm - I think not, incredibly.

Yet it if that is the case it is completely unfair. Imagine if I
bought a new copy of XP, then avtivated it but a 3 months later my
home was flooded or my system died. I would then have a useless piece
of pricey software. I would have to buy a NEW copy of XP just 3
months after I bought it ??? I paid for the software but cannot use
it because Microsoft would block me from doing so.

Is there no way around this?