New
#11
From the Windows 7 License Agreement:
15. Upgrades. To use upgrade software, you must first be licenced for the software that is eligible for the upgrade. Upon upgrade, this agreement takes the place of the agreement for the software you upgraded from. After you upgrade, you may no longer use the software you upgraded from.
That said, there is no mechanism by which they track, disable or deactivate the old OS.
But why would you want it, as you will eventually discover? So just do the overwrite or install 7 to a second formatted primary HDD, make a backup image stored externally, and you never have to mess with XP/Vista again.