Possibly, however check with either Microsoft and/or the vendor you purchase the COA's from, i.e., Marrisel/Ingram/Techdata etc...
As a system builder myself, working for a company, we are obliged to sell the OEM copy of XP Home/Pro with each system we sell that the user purchases an OS with. Since each copy of has it's own CD-KEY sticker we then place this on each box after resealing the pre-install.