You can install Windows 7 from non-OEM upgrade or retail media and activate using the OEM code. You will likely need to call Microsoft and do activation by phone (rather than automatically over the net) when you activate though, because using mismatched media and license forces a phone activation. I've done this before - used retail upgrade media to install, then activated using an HP OEM key from the COA of the computer I was installing on.
To clarify: OEM licenses are permanently restricted to the computer they were sold with. You can buy an OEM license yourself and install it on whatever computer you want (which is what I thought you were doing), but once it's been installed, you cannot transfer it. You can reinstall an OEM copy of windows on that same machine using whatever media you have access to, but you can never transfer it.