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it depends on what Win7 license is used.
Is it a Win7 upgrade license? If so, then legally you cannot reinstall Vista on any machine (if Win7 is still installed), as that is against the EULA.
You certainly can't dual-boot Win7 and the copy of Vista you used to upgrade to Win7. If you uninstall Win7, however, you can re-install Vista.
Yes, it will. Technically there is nothing stopping you from using it again but it will be an illegal version in Microsofts eyes. You can however reinstall Vista at a later time as long as you delete the 'upgrade' system that now has 7 on it.If I use a copy of a full version of Vista to upgrade to Win7, will that nullify my CD key for Vista? i.e. say i want to go back to Vista later or dual boot.