I've reinstalled Windows 7 on a dell laptop using the same os version and existing cd key with no problems. Win7 was able to install most drivers for it but some you may need to go to Dell for specific drivers for some device services to be completely operational. The link above should get you started, enter your key and download the appropriate Windows version your oem cdkey is validated to. Check first what boot options your laptop has, enter it's bios and see if you can boot from usb/cd etc then use Microsoft's media creation tool to create which boot method you prefer. Your Dell Latitude if you have the stock hard drive in it should have a recovery partition in it that has windows 7 on it already.

Running this will reset your PC back to completely stock conition. Unfortunatly there is no longer a dedicated spot to download windows 7 ISOs anymore. You wil have to either find a DVD or look around at download/torrent sites in attempt to find a non-cracked, non-infected copy. Sorry I can not be of more help here. Since microsoft stopped support for the hosting of it on digitalriver.com there has not ben any official place to download it anymore. And will it definitely work with my key?

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The key will certainly install if you select the correct 32 or 64-bit OEM version. Whether it will activate online without having to use the phone is another matter. Often the original install on a Dell did not actually use the key on the sticker so if it's the first time anyone has used that actual key it will activate fine. If the key has been used before for a reinstall, a call to Microsoft may be required (surprisingly they're usually pretty good about even letting you move an OEM copy to new hardware if for example, the old motherboard broke). Is this legal though? Why wouldn't it be?

You'd think Microsoft would hardly go to the bother of specifically coding for that menu to pop up if they didn't want anyone to use it, and you still have to activate it the normal way after, if you want to use it more than 30 days. Windows 7 is like the crippleware flavor of shareware (as opposed to nagware) because it does have a free trial period. They published instructions for the ei.cfg so that system builders could create specific system restore discs that only install the same version as preinstalled, with the extra OEM bloatware (can you imagine the support headaches if the typical OEM computer user had to actually choose the right version and then download and install those afterwards?).