It will not activate and violates the End-User License Agreement.
I suggest you get a replacement for your damaged CD.
How to Replace Lost, Broken, or Missing Microsoft Software or Hardware
http://support.microsoft.com/default.aspx?scid=kb;[ln];326246
--
Carey Frisch
Microsoft MVP
Windows XP - Shell/User
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<(E-Mail Removed)> wrote in message:
news:01d801c3a657$ffa19150$(E-Mail Removed)...
| My install disk was damaged. I need to reload XP. I
| have a copy from a friend but it will only work with
| their product key. What will happen if I install and try
| to activate with their key?