Legally there's nothing keeping them from adding the "Mac hardware only" clause to the EULA just because they use open-source software. I'm fairly sure the majority of the open-source code that Apple uses is licensed under either the BSD license or some version of the GPL, both of which allow for the code to be incorporated into closed-source projects. The only caveat is that the GPL'd code has to be redistributed with any changes you make and under the same license, which Apple has done - anyone is free to download the code from their website and modify or redistribute it if they want to. Apple also maintains an OS called Darwin which is basically OS X without all the proprietary code, although there's not much point in downloading it since it's essentially FreeBSD with a few extra features.
It's important to note that there are ways to install OS X on your PC directly from the retail disc, without downloading a hacked installer. For example, using Chameleon EFI to install OS X on an Intel PC, or Chameleon + the Voodoo Kernel for AMD Machines. Downloading the hacked installer is illegal because you're downloading the entire OS for free. If you buy a retail install disc and then modify it slightly, you're just breaking the EULA, which could be argued is Fair Use, along the same lines as jailbreaking an iPhone or ripping a DVD. It's still not technically legal, but I've never heard of anyone being taken to court over patching software for their own use.
One thing I will say is that if you didn't build your PC specifically to run OS X, chances are you're not going to get everything working. The most common problems involve sleep/wake issues, ethernet and wireless adapters not working, no sound, and graphics problems (not all resolutions showing up, no Core Image or Quartz Extreme, etc.) If you run into any problems head over to the InsanelyMac forums - they've got retail install guides, patched drivers, instructions for adding EFI strings for your video card, etc.
EDIT: Also I have to correct an earlier poster. The OS X kernel isn't called Darwin (as I said in my response, Darwin is an operating system). OS X uses the XNU kernel, which is a modified version of the Mach kernel. I am a hardcore OS X nerd so I know these things.