How to change your Product ID in Windows XP
You could completely re-install Windows XP Professional or you can try the method below. (Please backup your system before attempting this.) This workaround is only for the corporate editions of Windows XP Professional using a compromised or illegitimate key. Windows XP Home Edition and retail versions of XP Professional are not affected by Service Pack 1. Although this procedure may work with other versions of XP, we have only tested it on the corporate edition (volume license version) of Windows XP Professional.
>>>>>> WARNING <<<<<<
This article contains information about modifying the registry. Before you modify the registry, make sure to back it up and make sure that you understand how to restore the registry if a problem occurs.
Backup your Registry/System State
Backup your system state by clicking Start > Run > and typing ntbackup > Click the Advanced Mode button in the Backup Utility Wizard. >Click the Backup tab, then in Click to select the check box for any drive, folder, or file that you want to back up, select the System State.
As an alternative, you can backup just the Registry by clicking Start > Run > and type in Regedit From within the Regedit screen, right click My Computer, choose Export, name the file whatever you choose, and click Save
To change the product ID
Log in as the local Administrator
Click Start > Run > and type in Regedit
Browse to HKEY_LOCAL_MACHINE\Software\Microsoft\Windows NT\CurrentVersion\wpaevents
Double-click OOBETimer
Remove the 'ca' part from the value. (Changing or deleting any of the binary values will accomplish the same effect)
Click OK and close regedit
Click Start > Run and type in: "%systemroot%\system32\oobe\msoobe.exe /a"
Choose the 2nd option (phone activation)
Click Change Product Key (at the bottom)
Enter your valid Corporate Product Key
Press Update and close the window
Restart your computer
Verify the change
After the workstation restarts, click Start > Run
Type in: "%systemroot%\system32\oobe\msoobe.exe /a" without the quotes.
Make sure the dialog box says 'your copy of windows is already activated'
If you performed the above steps incorrectly, or used an invalid key, your system may not be able to boot. Use the F8 key to boot to the last known good configuration and retry with a valid key.
http://support.microsoft.com/default.aspx?scid=kb;en-us;Q328874#4