Yes. However note that you need the same type CD as your product key is
(Home vs Professional; Retail vs OEM; Full vs Update) or your key won't work
with it.
I have OEM SP1 followed up by SP2.
Since the SP2 was a CD from a computer magazine; if I ever had to instal
again would I still have to use the OEM SP1 CD.
Alternatively would this be a case for slipstreaming.