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I just did a Windows Anytime Upgrade from Home to Ultimate. Which to my surprise was very quick and smooth. Anyways, I want to install Windows XP Mode to help with answering questions related to Windows XP on Super User and other Stack Exchange sites.

Before I download the 500MB file from Microsoft's site, I want to know if it prompts for a serial number? If it does, do I need to buy a Windows XP license? If doesn't require a new license but still require a serial number, do I use the Windows 7 Anytime Update from Home to Ultimate key?

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Make sure you have enough RAM to run XP mode - it sucked the life out of a laptop with only 2GB in it and was only tolerable after I added another 4GB. – Linker3000 Dec 4 '10 at 9:21
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No serial prompt at all assuming you have a valid copy of Windows 7. You will be prompted for genuine Windows 7 license validation when downloading.

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While it does not need a serial itself, you are only licenced to use it with Win7 Business, Enterprise or Ultimate. – paradroid Dec 4 '10 at 4:34
I think you mean Professional rather than Business - Business Edition was Vista. – CodeByMoonlight Dec 4 '10 at 10:17
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