Windows 7 OEM hard drive failure retrieval?

So Im building a new computer and I was wondering.. If you install windows 7 OEM ( professional 64 bit to be exact ) and your hard drive fails would you be able to reactivate your windows 7 product key?..

Also, If you do a system backup can you also backup your OS? and can you do that into an external drive? Im paranoid about when my drive DOES fail in my new build that I'll have to purchase a new copy of Windows 7.. What precautions can I take to avoid this? thanks
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  1. You might have to activate Windows 7 again if:
    * You uninstall Windows 7 on one computer and then install it on another. During installation, enter the product key that came with Windows. If automatic activation fails, follow the instructions that walk you through activating Windows by phone. You will have 30 days to activate Windows.
    * If you install Windows 7 on a second computer, you must buy an additional product key number to activate the second installation to continue using Windows 7 on both computers.
    * You make a significant hardware change to your computer, such as upgrading the hard disk and memory at the same time. If a major hardware change requires activating Windows again, you will be notified and will have three days to activate Windows.
    * You reformat your hard disk. Reformatting erases your activation status. In this case, you’ll have 30 days to activate Windows again.
    * A virus or malware infects your computer and deletes your activation status.
  2. After you install win7 it would be a good idea to go into the control panel and the backup/restore and make a system image. The image will have your os and files. I try to do one every 6 months to have a backup ready if your drive fails. You can then use it to restore your system when you get a new drive.
  3. Ohh perfect! thanks for the responses both of you! :) they helped alot
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