Mine came as action pack DVDs, but no key. the sticker says I can install on any business machine with a full license for Vista or XP. (not for employee personal use, and only at primary business location) They sent the 32bit Professional and ultimate versions. I guess it picks up the key that's there, or asks for one? I won't get to install any time in the next week or so, so can't tell you what it'll do!!