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#11
Yes. But note that the ISO files are in columns by language and you must download the ISO that matches your product key. (Home, Professional, 32-bit/64-bit, etc.)
The process to create a bootable flashdrive will erase everything on the drive.
The machine BIOS needs to be changed to boot from the flashdrive. Turn off the machine and insert the flashdrive then turn the machine on. If the BIOS is setup correctly, the machine will boot to the flashdrive.
Use this tutorial for creating a bootable flashdrive: USB Windows 7 Installation Key Drive - Create