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"invalid product key" error message when starting Office 2003 program
Problem
You start PowerPoint after installing Office Professional Edition 2003 and instead of PowerPoint, you see:
You have not entered a valid product key.
Or product activation hangs when you try to activate over the internet and you see:
Please wait while activation wizard initializes
Solution
This MS Knowledgebase article describes one possible cause for this problem and explains how to fix it:
You receive an "invalid product key" error message when you start an Office 2003 program after you install Office Professional Edition 2003
Short version: If you already had one edition of Office 2003 or one of the standalone products installed when you installed the current version, it can cause this error. Uninstall the previous edition of Office 2003 or the standalone products before installing the new edition.