You will have to re-register with Microsoft (edit: whoops, meant "re-activate"), but there is a type of Repair Reinstall that will allow you to transfer the hard drive and the OS. After the system is together, before trying to run the OS from the hard drive, get out the Windows CD. You will not have this option from the non-Microsoft "restore" or "recover" CD that major brand named PCs give you instead of any real CD, and the Windows that comes with those is non-transferrable to a newer system. (An OEM copy of the OS is considered a one-shot, married forever to the system it came with.)
In the system's Setup, choose to boot from CD first, and put the OS CD in the drive before running the system. When it starts asking questions, the first "Repair" option is too simple-minded to do what you need. Tell it you want to do an install and then when it asks about how to do it, next, you'll get another option with "repair" in it. That is a full install, but saving existing settings in the registry, where appropriate. It can go wrong on occasion, so like anything in computers, some insurance in the form of backups is essential.
P.S. In the other room, I have a partly assembled PC that is used when more than one grandkid is over and wants to play PC games. I just came in here to look up the MB Manual details. It has an XP 2800, and the old MB in it was a DFI LanParty NFii mainboard, but that one failed. I have a Gigabyte GA-7N400 Pro mainboard that I'm readying for a swap, and all of the existing components all move over = 1 GB of Kingston DDR500, Audigy 2 audio, and an old Sapphire Radeon 9800 XT that throws off heat like a Pentium 4 does. I can't afford three firstline PCs, so the old soldier has to carry on.
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