Usually it stands for Original Equipment Manufacturer, meaning that the item is meant for certain hardware. For example, an OEM Intel cooler will only fit an Intel chip and is licenced (or even made) by Intel.
I think you will also find with Newegg's OEM designation is that the item will not be in a retail package, and is usually packed in bubble wrap without the usual software or accessories found in a retail packaged item. A OEM harddrive would be a perfect example where you get only the harddrive and not any connectors or formatting/utility software.
You can get the Windows OS OEM version much cheaper if bought with a piece of qualifying hardware. The licence to run the software is supposed to be machine specific - you cannot transfer it to another PC. If you have to replace a faulty motherboard you have to ring up MS and persuade them it is a repair not a new PC before it can be reactivated. Same goes for anti virus and other software.
For hardware OEM versions seem a lot less common these days, sometimes meant a CPU came without a cooling fan - best to get a decent one anyway - or a graphics card without free games.
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