Oh yes, you can also reinstall the original Windows 7 from an image on the web if you have the product key:
http://www.microsoft.com/en-us/software-recovery
You still need to turn this image into a bootable DVD or USB key.
It seems however that this web site requires product keys for Windows retail boxes and may not work with OEM product keys. Keep us updated.

I suggest you download the image now, as it is quite a big download, you don't want to do it when you can't do it because the computer crashed... I downloaded it a couple of years ago, when images were hosted on a third party site, Digital Rivers.
There are images for Office 2007 and 2010 too.