It was only a matter of time until a fully cracked version of Windows Vista would be released by a cracker group. A group called NoPe released a Microsoft Windows Vista Ultimate X86 OEM version that requires, according to their nfo, no serial during installation and no activation after installation.
The version of Windows Vista Ultimate seems to be already activated because it is possible to use Windows Update to download all updates from windows update. There is however the rumor that this is actually a Dell OEM version which does only work on Dell computers.
