Yes, as long as you install the same version of Windows as the original license is for it will work just fine.
I personally have tried this using an English install disk with a German key and a German install disk with an English key.
There where no issues with the installation or activation.
Do you already have an equivalent English install disk?
If not, there Are Ways
to make an install disk with the correct version of Windows 7 from any
English install disk