So I just learned that you can install any version of Windows 7 from any consumer DVD of Windows 7. Which means that you can install Windows 7 Ultimate from a Windows 7 Home Basic DVD, by altering or deleting the ei.cfg file found on the disc. This works because the version is determined by the ei.cfg file, rather then the CD key itself.
The only info I couldn't find was: If I choose to install Windows 7 Ultimate from a Home Basic DVD, can I still use the Home Basic CD key to register windows? Or am I forced to buy Windows 7 Ultimate to get the key to be able to register?