You might do better running the Windows 8 Consumer Preview Setup first. (From the
FAQ):
About Windows 8 Consumer Preview Setup:
QUOTE
1. Windows 8 Consumer Preview Setup checks your PC to see if it can run the consumer preview, and provides a compatibility report that you can save or print (make sure your devices are connected to your PC and turned on before you run the Setup program). The Setup program then selects the optimized version of the download (up to 25% smaller) that is right for your PC (32-bit or 64-bit).
2. The built-in download manager lets you start, stop, and resume the download at any time.
3. Once Windows 8 Consumer Preview is downloaded, you choose how and when to install it. You can install on the current drive or you can make an ISO or bootable flash drive for installing Windows 8 Consumer Preview on another partition, virtual machine, or another PC (requires Windows Vista or Windows 7).
I don't know where you got that product key. It doesn't match what is in the above-linked FAQ (bold added) for using if you create installation media instead of using the setup program:
QUOTE
If you install Windows 8 Consumer Preview using the Windows 8 Consumer Preview Setup program, you won't need to enter a product key—the setup program automatically provides the product key. If you create installation media, start your PC from the media, and then install Windows 8 Consumer Preview. You'll need to enter this product key: NF32V-Q9P3W-7DR7Y-JGWRW-JFCK8.

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