Thanks everyone for the response. I have created the OEM recovery media disks as soon as I got the laptop.
But I am hesitant to use this media, as these recovery disks contain lot of bloatware from Toshiba. I am not sure whether I can do a clean install of Home Premium with these disks? I wanted to do a clean install of Windows 7 and then selectively install the needed software.
The two possibilities I am exploring are
1. Clean install Windows 7 home premium without bloatware and install all the necessary software. As I am in Saudi Arabia, I prefer to activate it online and not to call Microsoft ( a hassle here).
I have a universal windows 7 ISO burned on a DVD. I also have the SLP key of Home Premium for Toshiba. My question is whether I can clean install Home Premium with this DVD and use the SLP key, which will activate the windows automatically (will it do offline or do I have to get online and activate it?).
I do not want to use the COA serial no. which requires me to call Microsoft on phone (

).
Once windows is installed, use the Windows 7 Anytime Upgrade key to convert Home Premium to Ultimate like I did before.
2. Directly install windows 7 Ultimate through clean install using the Anytime Upgrade key. Is double install method means initially Home Premium and then Ultimate?