An MSDN Key, like a Retail one, has unlimited activations
on the same hardware.
Unlike a Retail Key, MSDN licenses are restricted to use in a non-production environment.
It is not possible to buy 'a key' for any version of Windows - you MUST buy the complete package, or you can guarantee that it's counterfeit.
You need to check the License terms that came with your MSDN package for the precise terms, but my understanding is that any Key retrieved before at least July 2012 is perpetual - certainly mine from 2004-ish are still working fine (my subs expired in 2007)

The only reason I put that date in, is because it was the cut-off date for TechNet perpetual licenses.
As far as checking the genuine-ness of Keys is concerned:-
The best check is to be certain of your source - do NOT buy on eBay, Craig'sList, or similar flea-markets, as they are almost certainly going to be counterfeits.
Once you get the package, if it's not from an impeccable source, check it before opening for the quality of the packaging, and any typos, etc.
Once you open it, check the Disk(s) and make sure that there are no stickers instead of the imprinted hologram.
As far as the Key is concerned, you could ring the Activation Center to check it - but they will/can only give a yes/no response to whether it is currently blocked or not.
If you post an MGADiag report in the forums here, I or someone can give a more log-term view on the probability of it being genuine (and staying that way!). Unless it shows definite signs of being non-genuine, it's impossible to be 100% certain about it, but having read 20,000 or so reports, I've got pretty good at it