No, Windows requires activation, this is what the product/license key is for. A valid key will activate Windows and you are good to go. Windows can install without activation during the install, but you wont be able to update without activation. Its the full version, but they limit what you can do after a 30 day activation grace period. If/when you try to manually activate, you call a phone number, provided by the activation wizard and they can guide you through the process. I've done it a few times, takes about 15 to 20 minutes on the phone.