You will be able to, providing the CD is for the same version of Windows as that on the PC (ie, home, professional or whatever). You'll need to be able to read the COA on the PC to re-activate Windows.
On XP you could try pressing and holding down the left hand Shift key then power on your PC, keep holding down the key until it boots to the desktop this action will bypass anything that gets loaded in the startup group,this is very often where these parasitic malware infections are run from
If it works then perhaps you may be able to use the Windows system restore to revert to before you were infected
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