That will work, as long as it's the same version of windows that came with the CD key. You can borrow from friend's and install it. Then it'll ask for CDkey, just use the one that came with the laptop click on RETRY after you insert your CD in the box for microsoft to verify.
I reinstalled mine yesterday, everything went fine except i dont' know how to recover FN function button. It's totally lock my settings for video out on VGA and increase decrease my screen brightness. I see there is no body answer this question in NBR, it's kinda strange when people ignore reinstallation thread like this. Dell computer is much more easier to reinstall and the Fn Function button works without any additional software.