The first thing that broke was it wanted the oem cab file. Fixed that.
Then it would complain "this product key is intended for the original system."
Since I was running in a VM I changed it piece by piece until it accepted the product code, first changed the type of CPU it was reporting, then the bios identifier string, and finally the ethernet MAC address. It finally acceepted the product code after all of that (not sure which parts were optional but only needed it for like a week) Considered those licenses pretty much worthless from that point on.
http://www.microsoft.com/en-us/download/details.aspx?id=1157...
Note: You may be required to activate the OS as the product key has been deactivated. This is the expected behavior. The VHDs will not pass genuine validation. Immediately after you start the Windows 7 or Windows Vista images they will request to be activated. You can cancel the request and it will login to the desktop. You can activate up to two “rearms” (type slmgr –rearm at the command prompt) which will extend the trial for another 30 days each time OR simply shutdown the VPC image and discard the changes you’ve made from undo disks to reset the image back to its initial state. By doing either of these methods, you can technically have a base image which never expires although you will never be able to permanently save any changes on these images for longer than 90 days.
The stupid things restart every 30 minutes. I don't know what else I can say to underline what an annoying waste of time they are.
(Or I could be showing my [lack of] age and MSDN didn't have easy download access in the XP era)
Really, just visit a friend/relative and find a dusty old PC that has a license sticker on it and ask if you can have it.