Ofcourse its possible unless the drive is ruind. Take the drive out of the xbox, take your xbox wich you are going to put the drive in, and then read the firmware out of that drive and save it. Now with this new drive you spoof the old firmware wich was in the old xbox and put this one in, simple as that
EDIT : didnt notice, you just wanted to know if it was posible. But it is a good example how you could use it though. But yeah your answer is you can read the firmware of it wich has the key.