it will show the product key used to activate your windows xp on that computer.
and yes, it doesn't matter which disc you use - as long your serial number is legit, it will activate a second time...
the only difference is: if you had an OEM version and changed your motherboard...
ps: just as a side note - if you fear losing your product key you can always download nlite and make your own personalized windows install disc (and include product key and other info, so you don't have to in the future)...
or ghost your whole system drive after you set up everything - that way you have a backup disc which will reinstall your system in one coffee time...