Coincidentally, the license keys for both of these products have reached the limit set for our usage, so activation attempts are failing. We have already made requests to SHI (our campus software and license provider) to increase the limits set on our Multiple Activation Key (MAK) licenses, and hope to have resolution soon.
Microsoft Project should continue to work for up to 30 days without activation. Windows 7, unfortunately, may only work normally for 3 days unless activation completes.
UPDATE
[2012-03-01 12:55:51 | Lars Rohrbach]
It appears that the activation limits on our MAKs have been raised. Microsoft Project was able to successfully activate as of yesterday (Feb 29, 2012), and today a Windows 7 installation successfully activated.
Resolved as of 2012-03-01 12:45:00