That's not true, that's what the serial is for.
As you say:
This is true.
You don't need the dvd to play the game, it's only there for installation if you don't want to download te game, that's all.
Sorry I don't mean to carry this thread on as the questions already been answered, but...
I was just saying that older games were like this, and still kinda are, when you buy a CD you are buying a license to play the game. So having the serial lets you install it, and having the CD in the drive shows the game data that you still own the right to play it and haven't sold it on.
Obviously this doesn't count for Steam games as it's all in some odd cloud network these days, f**king clouds.