The proper answer would be no as the computer it was meant for has in fact died.
However having said that I do find myself wondering if it would work as an upgrade on another PC that had XP installed as after all its never been registered.
I suppose it depends on whether it would somehow insist on being tied to the XP serial number it was meant to be used on. I cannot see how they could do that.
You'd definatly be breaking the licence agreement but would it actually work? I wonder....