Hi Todd,
For specific licensing questions it's probably best to contact Microsoft directly for the answer (
http://microsoft.com/licensing).
The basics of MS licensing are that you'd need a Client Access License (CAL) for each user for Office and a Terminal Services CAL
for each user of Terminal Services. For a quick overview take a look at section 'M.' in the 'Product Use Rights' document from
Microsoft at http:/microsoftvolumelicensing.com/userights/PUR.aspx
The 'OEM' packaging of the product generally doesn't bestow any additional rights.
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I looked at the FAQ and there is no talk about the OEM license issue, that I
could find. >>
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Let us know if this helped you,
Bob Buckland ?

MS Office System Products MVP
Pricing and Packages for '2007 Microsoft Office System'
http://microsoft.com/office/preview