Remove the domain from the question, as it's causing confusion due to the grandfathered WWWThreads license terms.
Regardless of how it's accessed, the intent of the current license is to permit one installation to serve one board.
Let's say you're covered under the current license, and set up some mod_rewrite rules or somesuch as to create a folder for each category, i.e. mydomain.com/sports, mydomain.com/tv, etc. As long as no attempt is made to hide the fact that this is a single, unified board (for example, by removing navigation to the board index and taking steps to lock the user into a single subsection of the board based on how they are accessing it), I don't think that would be a problem at all.
However, that particular method would only really get you pretty URLs. On the other hand, pretty URLs are good. <img src="https://www.ubbcentral.com/boards/images/graemlins/wink.gif" alt="" />
