Changing Product Key of SharePoint

If you want to change the product key of SharePoint MOSS Go to Central administration > Operations > Upgrade and Migration section > Convert license type. Enter the new product key and a timer job will be scheduled and once the job completes, the product key should be updated.

This site gives a better picture
http://blogs.msdn.com/sharepoint/archive/2006/11/14/version-to-version-supported-upgrade-paths.aspx

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