Arkose: Well, not really; the Steam release relies on Steam to launch--and thus will refuse to play if the game isn't already on your Steam account--and the retail release doesn't take keys at all, nor is this on the list of games for which you can activate a non-Steam key. There's really no way to use the key to create a separate copy without cracking something at some level or other (at which point having the key would be redundant anyway).
However, the guys at STEAM could just replace your actual key on the database for a new one, which is what I meant. The game might not ask for a cdkey on steam, but it clearly uses one to maintain the TAGES copy protection and install limits working. Plus the reason why I have it installed and can't play it is, precisely, that STEAM ran out of keys for it.