Win XP Pro License + Win 7 Pro Upgrade = WIN ??

Just like the title states;

Can I buy Win 7 Pro Upgrade, wipe my HDD, pop in the Win 7 Pro Upgrade disk, type in both the XP Pro & the 7 Pro keys, and be golden?

I don't care about doing it without a reload. That would be pretty stupid to even attempt, imo.

Thanks in advance!

Thanks for the reply Drew.

I'm actually asking if my Windows XP Pro 32bit license will combine with a Windows 7 Pro 64bit upgrade license to form a single, fully vetted Windows 7 Pro license with all of the rights & privileges a full retail license of Windows 7 Pro 64bit would have.

I'm not terribly concerned with the installation procedure. I just want to be certain, before spending my cash, that I won't pop in the disk & find that I cannot use the upgrade license.

FWIW, I'm still using the Windows XP Pro 32bit volume license (the fabled 'TPCRY' license), which I received from the bookstore at Indiana University / Purdue University of Fort Wayne (IPFW). I'm still a student there, so afaik, I'm still within my license terms. It still passes WGA, so I'm hoping I can use it to upgrade the license to Win 7 Pro from the IPFW bookstore.