in the US? almost certainly not, just like how ripping your own dvd's is technically illegal under the dmca.
also, based on my own experience, you can activate windows 7 on multiple computers with the same key just fine (got 1 key through msdnaa, wanted to get another to replace my academic home premium because i needed/wanted the backup functionality and xp mode. but when it took my schools msdnaa admin more than a week to respond, i just used the key i already had. at some point i'm sure i'll switch over to the new key that i eventually i got, but i don't see a reason to do that until windows starts hassling me).
also, based on my own experience, you can activate windows 7 on multiple computers with the same key just fine (got 1 key through msdnaa, wanted to get another to replace my academic home premium because i needed/wanted the backup functionality and xp mode. but when it took my schools msdnaa admin more than a week to respond, i just used the key i already had. at some point i'm sure i'll switch over to the new key that i eventually i got, but i don't see a reason to do that until windows starts hassling me).