Windows 7 Ultimate 64 Bit Windows 7 Home Basic - a

PC specs: ,Office 2007 Key

HP Pavilion ze5375us
1GB RAM, 2.4GHz
Pentium 4

I've run home premium on this old thing, and it works fairly well. But I'd like to go w/Windows Home Basic - anything to make it more streamlined. (I don't use Aero or any of the gadgets.) I have a copy of Windows 7 All-in-One (w/all the OSes on one disc),Windows 7 Ultimate 64 Bit, but it just installs in full, then goes into a rebooting loop. (There's a BSOD, but it's too fast for me to read the message.) I still have my old beta copy,Office 2007 Ultimate, but that gets the "key is expired' message, and trying to get around it w/activators and whatnot crashes it altogether.

Does anybody here have experience w/running Home Basic on a computer in the States, or is this just wishful thinking? I know that people can't activate W7HB from the States,Windows 7 Enterprise 64 Bit, but not being able to INSTALL it?

(PS: Don't need any recommendations for XP or Vista. I know all about them,Microsoft Office 2010 Sale, thanks.)