Yes, you can use a retail Windows 7 installer to reinstall factory OEM Windows 7, then activate using the Product Key on COA sticker on machine.
All Windows 7 installers are the same, with some versions hidden. It is the Product Key which determines which version and whether OEM, upgrade or full retail will be allowed and activate.
If you need to unlock all versions in the installer, use this tool:
Ei.cfg Removal Utility Lets You Use Any Product Key With Your Windows 7 Disc