Pretty unlikely. If you've reinstalled using a registration key that is installed on another computer, activating it will shut down both computers if they've been connected to the internet.
Restore points replace older points with newer ones, but re-installing wipes all restore points. If the question you're asking is, can I change the license key after Windows is installed, yes. Here's
the method used by calling Microsoft.Here
is an automated free program to do the same thing. I can't verify that it works since I haven't used it.
Keep in mind that the key you use to replace the original must be a legal, licensed key and will need to be activated.