Do Microsoft's EULAs have any real legal basis?

I've just had an anonymous comment added to an irrelevent topic with the excuse: "The Drink or die thread seems to be closed so let's continue this here." Well, I can't find this "Drink or die" thread anyway - it's this one, perhaps. However, I'm posting the orphan comment as a blog entry so you can all comment. It's all about …

[garry jolley-rogers]

International Law

So far so good. EULA formulated under U.S. law (presumably). Now, lets enter the fray proper... How enforceable are contracts under US law in other countries? Regardless, of status in the U.S.? Not a copyright issue... So, here's a rich new stream for laywers to mine. Let the fun begin.