The answer is probably not, as far as I know the key is embedded in the original CD and it must match the key input at installation.  A possible solution may be to download Ryans integrator and slip stream it..  First question though is, is your CD SP1 or SP2 ? dependant upon your answer I will give you the relevant instructions on how to do it.  But it will mean BIG downloads, especially if it is SP1 as you will need to stream SP2 first then run the integrator.  I'll go to notify on this thread.   

Ok if you still have the sp2 download try a further slipstream using ISObuster from here http://www.tucows.com/preview/319432
 then get Autostreamer from here http://www.simplyguides.net/guides/using_autostreamer/using_autostreamer.html

The best way to proceed then is to use a spare partition on your HDD if you have one, slipstream the two together then download Ryans integrator from here http://fileforum.betanews.com/detail/RyanVM_Integrator/1141510259/1

Then the download pack from here http://www.ryanvm.net/msfn/

1.  Download the following programmes
  Autostreamer,  Isobuster,  Ryan's Integrator, Ryans Update pack
.
2.  If your disc is not partitioned then a suggested  setup is as follows (e.g.) 80GB HDD split as 10GB C: partition for  Windows 20GB partition D: for data i.e. my documents, mail store. E: partition 50GB for backup data, media files,etc 

    .     
3.  To Autostream you need your master XPSP1 disc in one cd/dvd drive and the service pack 2 in a second cd/dvd drive if you do not have a second drive then copy XPSP2 to a partition on your HDD in a folder called sp2 or whatever.

   
4.  Fire up Auto stream and firstly it will check your current version and status of windows then ask to be pointed your instalation cd setup.exe (SP1 version) this may take a few minutes, on completion it will ask you to point to the SP2 setup.exe. Once you have finished answering the next questions go and get a cup of coffee. On completion you will have an ISO setup on your HDD.

5. Run Ryans integrator then follow the instructions on this page http://www.ryanvm.net/msfn/manual.html
   .