New
#61
You use the Win 7 Home Premium or Professional upgrade disk to install Windows 7 at the pre-order pricing, even if you cannot do an in-place upgrade of your existing install, which can only be done for exact type of installs (HP to HP, Pro to Pro, and for each of those it has to be x86 to x86 or x64 to x64). For any other XP or Vista situation you can use the upgrade disk to do a clean install as long as you have a valid XP or Vista license.
Read the MS Upgrade FAQ. They're not too detailed how you will prove you have the license, I'm betting you need to enter the XP or Vista key you have.