I've done it, not with Qemu, with bootitng. I also transferred an image of Windows XP Pro onto another computer with different size processor, different memory, different hard drive, different mac address on the network card. Allot of the components were the same, but two different models of HP computers, had to re-activate it also, but it worked.
I have a bootitng compressed image of all 6 OS's in my main box that can be installed on another drive, anywhere on the drive, as long as bootitng is used as a boot manager, I can install an image (Linux or Windows) anywhere on the drive and as many copies as I want. Right now, because Fedora has had it's dependency hell issues in the past, I have two copies of it installed derived from the same image.