ST> Number one, to run OS/2 programs, it would have to be licensed by IBM,
[...]

There's no requirement that an operating system be licenced by IBM in order
for it to run OS/2 programs, any more than any other operating system needs to 
be licenced by any other company to run programs designed for that particular
company's operating system.  (For example: DR-DOS wasn't licenced by
Microsoft, yet it ran MS-DOS programs.)

 ST> [...] and also, you wouldn't be able to call it OS/2.  

Yes, but would one actually want to do so in the first place ?

 ¯ JdeBP ®

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