d. Use with Virtualization Technologies. Instead of using the software directly on the licensed computer, you may install and use the software within only one virtual (or otherwise emulated) hardware system on the licensed computer. When used in a virtualized environment, content protected by digital rights management technology, BitLocker or any full volume disk drive encryption technology may not be as secure as protected content not in a virtualized environment. You should comply with all domestic and international laws that apply to such protected content.
So that means you can install VirtualBox or Virtual PC and pop in your Windows 7 DVD and install another copy there for free! This is the only part of the license agreement that is different than previous versions of Windows and it’s a welcome change!
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