If you have installed windows 7 and your hard drive fails - will you be able to re-install or will you have to buy Windows 7 again to install it on your new drive??
I imagine Windows license will still be effectively 'active' on the failed drive? Or can you obtain a like a MAC code for mobiles to remove and transfer the license from the failed drive to your new one?
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Yes, you can reinstall it to a new hard drive as long as it's only installed on one computer at a time. The previous Windows 7 installation must be formatted/deleted. You might have to call Microsoft and explain what happened to complete the activation.
Activating it on the second computer will automatically deactivate the license for the first computer. The key will work with both 32 and 64 bit, but only one can be installed at a time.