Reusage of activation code on new computer

A couple of years ago i bought a PC with Windows 7 installed. Later i upgraded it to Windows 8 from original disk (full version disk).
Now i want to buy a new PC without installed OS. I have an ISO file of the same Windows 7 version that i had on the first computer before upgrading to Windows 8.
Is it possible to install Windows 7 on the new PC and use my old activation code of the first computer?
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More about reusage activation code computer
  1. If it is OEM, then no. It's locked to the old system if it's being used or not.
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