Because you do not have a Windows XP or Windows Vista license you will be breaking the terms of the Microsoft EULA if you use an upgrade disc to carry out a clean install of Windows 7.
You need a qualifying operating system and product key (which does not have to be installed) to enable you to use a Windows 7 upgrade disc.
To save any future installation problems my advice is to buy a full version of Windows 7. To save money, you could buy an OEM version, but that will be tied to the first computer you install it on.
If you want to be able to transfer the license in the future your best bet is to buy the full retail version.