Windows 7 home basic product key for Product id 00346-OEM-8992752-50258

Windows 7 Home Basic with the key you provided is an Original Equipment Manufacturer (OEM) version of Windows 7. These versions are auto-keyed/auto-activated with a BIOS check when booting to the media to install Windows.
The only times it should prompt for a product key are:

1. Installing the OS on a different brand system other than the OED brand it was designed to be installed on.
2. Installing Windows from inside an already running install of Windows instead of booting to the Windows media.

If this is the OEM system the OS shipped on and you are prompted for activation, flash the bios to the most current version and run the Microsoft WGA tools to clear the activation prompt.
If this is not the OEM system the media shipped with, then you can't activate it.
If you installed Windows without booting to the Media, then boot to the media and re-install Windows.
If under warranty, contact the OEM warranty service as they provide support for OEM Windows.

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