Office Basic 2007 hangs after clicking away the Product Key dialog

Office Basic 2007 is officially installable and usable 25 times without a Product Key by entering none and just clicking "Next". For some reason, after clicking "Next", the OS hangs for around two minutes and operates really slow. Works normally again after that time.

Same problem (along with CORE-8402) occurs when the Product Key dialog pops up everytime you start one of the Office applications and you click "Next" again.

I've attached a debug log, marking the position when it lags. Tested with r64052.