Windows 7 Install question

Soldato
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Hi all, am a bit confused about the EULA and need something cleared up: I have a legit copy of 7 ultimate (though I'm not sure if it's the upgrade or full version yet, so please answer for both situations). I'm on the verge of being able to finally build my new gaming rig, for which I got the OS in the first place, but was wondering if I could install the 32 bit version on my existing rig in the meantime, or will I have used up my product key and wasted my copy? Cheers!
 
Okay, so could I take that as a "yes you will waste it, but if you can get your new rig within 30 days then you don't need to use the product key" ?
 
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