How to install Win XP from one computer to another?

Short version: Is it okay to install Windows XP that came with one computer (HP Compaq 6710b laptop) on another (Toshiba Satellite Pro 4600)? I'd like too use an official Windows CD in case I need to download updates and go through the Microsoft advantage validation process.

Also, where's the best place to get extra drivers (if needed) for the old Toshiba laptop? (don't have the original CDs)

Longer version: I have an old laptop that someone left me that's not serving any purpose at the moment. It's a Toshiba Satellite Pro 4600, but I don't have the original Windows installatio CD for it (maybe it came without one). I'd like to use the original win XP CD from my other laptop (HP Compaq 6710b), except I'm planning to use nLite to strip all extras from from it first. The plan is to install a minimal version of XP (no MS Office, no IE), and dedicate the laptop to running virus checks on external drives, maybe for long downloads, testing of software I'm uncertain about, and stuff like that.