[gpm]

It's not settled law, but IMO probably not, I don't believe it's ever been tested in court.

Windows comes with a click-wrap contract that you agree to when you install it, that restricts certain things you could usually do. So it's a bit of a bad example... but I'll use it anyways.

What does (generally, not legal advice, not a lawyer) need a license is making a copy of the software, i.e. installing windows onto your computer actually makes a copy, or making a copy of the installer for your friend - makes a copy. Just booting up the machine that already has windows installed on, that's (probably) not copyright infringement even if you don't have a valid license. It might be breach of contract depending on what contracts you have agreed to though! Physically giving your friend the computer with windows already installed on it, is similarly not copyright infringement. Cloning the hard-drive so you now have two hard-drives with windows installed, that's copyright infringement.