If you bought a new full install disk you simply use the product key found on the sticker that comes with it. That's the specific product key for that disk seen there. The old key won't work on the new disk.
One thing to know is that if you were not planning to reformat the drive but simply reinstall Vista the first Windows directory along with the users folder is rolled up into a new Windows.old folder for saving files out of it before seeing that deleted from the drive.
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