If I delete the partition with W7 on and then do a new install of it, will the product key I used now still work as its the same computer?

If I delete the partition with W7 on and then do a new install of it, will the product key I used now still work as its the same computer?
why delete it, just bosh in the cd reload ure comp into ure CD boot and install on the W7partition and yeah u can use the key
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