Your not supposed to use it more than once, but nothing is stopping you from using it more than once. Microsoft holds the right to refuse re-activation of a key if it's on a different hash, based on your hardware configuration.
I've reactivated different OEM keys, dozens of times, with different hardware configurations, without issues. Some people do have problems though, and you can call Microsoft and give them a story that your motherboard fried or whatever, and they can give you a new key, but I don't know if they do this with OEM keys. But since I've never had issues, I've never had to find out.
You can format all you want. An OEM copy is tied to the motherboard. If you replace the motherboard you're supposed to get a new copy. However if you call microsoft and tell them your board died and you had to replace it they will likely just activate your copy for you.
I own a x64 OEM copy and i've formatted many times.