You'll need to leave the Product Key blank during install, then afterwards do the quick registry workaround given here to activate Windows 7 Upgrade version on a new HD:
Clean Install with a Upgrade Windows 7 Version
With Upgrade version you can also migrate it to any hardware you choose as long as there is a qualifying XP/Vista OS which originally came on that machine, or you have a retail version of one of those qualifying OS's which are not being used during the period they serve as qualifier. The qualifying OS's do not need to be installed to clean install Upgrade version.