Activating Windows 7 - Error: 0x80070005 Access Denied

Today I ran into an issue while trying to activate Windows 7 on a workstation.  While trying to import a key via the slmgr.vbs /ipk command, I received the following error. 0x80070005 Access denied: the requested action required elevated privileges.

The strange thing about this error is that I had logged on with an administrator account and I even tried it from an elevated command prompt. It turns out that the workstation was missing some crucial registry entries. What worked for me was importing the following (copy the following text and change the extension to .reg).

Windows Registry Editor Version 5.00

[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProfileList\S-1-5-18]

"Flags"=dword:0000000c
 "State"=dword:00000000
 "RefCount"=dword:00000001
 "Sid"=hex:01,01,00,00,00,00,00,05,12,00,00,00
 "ProfileImagePath"=hex(2):25,00,73,00,79,00,73,00,74,00,65,00,6d,00,72,00,6f,\
   00,6f,00,74,00,25,00,5c,00,73,00,79,00,73,00,74,00,65,00,6d,00,33,00,32,00,\
   5c,00,63,00,6f,00,6e,00,66,00,69,00,67,00,5c,00,73,00,79,00,73,00,74,00,65,\
   00,6d,00,70,00,72,00,6f,00,66,00,69,00,6c,00,65,00,00,00

[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProfileList\S-1-5-19]
 "ProfileImagePath"=hex(2):43,00,3a,00,5c,00,57,00,69,00,6e,00,64,00,6f,00,77,\
   00,73,00,5c,00,53,00,65,00,72,00,76,00,69,00,63,00,65,00,50,00,72,00,6f,00,\
   66,00,69,00,6c,00,65,00,73,00,5c,00,4c,00,6f,00,63,00,61,00,6c,00,53,00,65,\
   00,72,00,76,00,69,00,63,00,65,00,00,00
 "Flags"=dword:00000000
 "State"=dword:00000000

[HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows NT\CurrentVersion\ProfileList\S-1-5-20]
 "ProfileImagePath"=hex(2):43,00,3a,00,5c,00,57,00,69,00,6e,00,64,00,6f,00,77,\
   00,73,00,5c,00,53,00,65,00,72,00,76,00,69,00,63,00,65,00,50,00,72,00,6f,00,\
   66,00,69,00,6c,00,65,00,73,00,5c,00,4e,00,65,00,74,00,77,00,6f,00,72,00,6b,\
   00,53,00,65,00,72,00,76,00,69,00,63,00,65,00,00,00
 "Flags"=dword:00000000

I can't guarantee that this will work for you, but it worked for me. If it doesn't, there are other possible solutions where I originally found this solution.  Full credit goes to Shantanu over at troubleshootingwindows.com.