it should be able to just make sure its the right version as you can't use a windows home key to activate the pro version and vice versa. they have let you do it this way since the update in November so if you already installed it make sure its fully updated first
It should be able to work as long you select the correct version for the license
It should work until July 29 2016, thats the last day to make the free update from a previous edition of windows