Sometimes. The cool thing here is that the license has teeth. If it's not allowed it won't activate and will tell you in no uncertain terms. Given all the variations in licenses the answer is always "maybe?"
As to creating shortcuts, why not ask google? Here it is -> http://www.google.com/search?hl=en&q=How+can+I+create+a+shortcut+to+explorer%3F&btnG=Google+Search&aq=f&oq=
I bought new components to build a new computer by myself. Can I install Windows XP OEM from my old computer?
How can I create a shortcut to explorer?