From what i know about the new activation protection is from reversing Microsoft Outlook 2002 installer. It uses RipeMD it seems, but it might be modified a bit, but its most likely is RipeMD cuz of the initialization constants used in the code matchs the RipeMD values, these are:
067452301h
0EFCDAB89h
098BADCFEh
010325476h
from:
sub_35F355B3    proc near
  arg_0                 =       dword           ptr  000000004h
       mov     eax, [esp+arg_0]
       xor     ecx, ecx
       mov     [eax+2Ch], ecx
       mov     [eax+30h], ecx
       mov     dword ptr [eax+18h], 67452301h
       mov     dword ptr [eax+1Ch], 0EFCDAB89h
       mov     dword ptr [eax+20h], 98BADCFEh
       mov     dword ptr [eax+24h], 10325476h
       mov     dword ptr [eax+28h], 0C3D2E1F0h ; modified?
       retn    4
sub_35F355B3    endp
The RipeMD-call itself is very long, so i wont bother pasteing it here, but the code will hash and fixup the serial in different valid formats being normal keys or OEM keys. 
you can get our partially finished sourcecode from:
http://www.sltgods.com/decx/mskg.asm
Warning: Its 164KB - Alot of lines to figure out 
 
- Decx