Can I reuse a Windows 7 key on a new computer if I format the old computer?

1) Recently I've decided to replace multiple components in my computer because my hard drive is failing and my motherboard and such need an upgrade. Since the pc was built for me, I have a retail version of Windows 7. Is there any way to deactivate Windows 7 on my old computer and use the same disk and license key on the new computer I plan on building? Or will I just get "Windows errors"?

2) I'm assuming if I format my old computer I should be able to reuse the product key, correct? How does one go about formatting the computer?

3) My copy of Windows 7 is for a 32-bit processor, will it work if I get a 64-bit cpu and then upgrade to Windows 10 (the 64-bit version)? (I used the Windows Media Creation tool to dl Windows 10 to a flash drive so I'll have the upgrade even after July 29th)

Sorry for so many questions, all the forums I've looked at have confused me even more

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