You are missing two parts inside the VM for it to auth with the SLP Key:
1) The BIOS information (The SLIC table)
2) The digital certificate in the OS
Number two is easy. Number one is going to be difficult, as
AFAIK, the BIOS for a VM is locked and not easily editable.
If the key on the sticker is a unique, non-SLP one, you can then still auth it, but you must do it by phone - Internet activation will always fail.
I covered the SLP stuff if you have not come across it over here:
http://forums.hexus.net/operating-sy...-question.html