[ubuntu] VM windows from partition

I have windows 7 installed on a separate drive than ubuntu. Is it possible to just get Virtualbox to run that windows installation versus re-installing windows? The issue is that I don't think my key can be re-used to reinstall (education version, I guess I could just buy another, but would like to avoid it).

EDIT:
http://www.virtualbox.org/manual/ch09.html#rawdisk

It is possible. However, the big red warning has convinced be not to do it.