Yes and Yes. Yes to both, actually. Don't listen to Gwence.
Microsoft attaches your Windows Authentication code to your motherboard, so if you built that PC with an OEM version you'll have to plead with MS to let you use it again or if you've bought the PC from a manufacturer (OEM version almost certainly) it'll lead to the same result. Always format when swapping your HDD (with your OS on it) or motherboard. The other parts don't require a format and can be swapped freely without consequences other than uninstalling a particular driver.
You'll have to wipe the HDD of the Windows installation, because the win7 installation will notice that OS and there is no way to "uninstall" a windows OS and partition. But you can actually avoid a full format when you put in the SSD because the Z68 boards have Intel's SRT cache system. The SSD can act as a massive cache that will speed up whatever programs are most frequently used, like your OS and any particular games. Though the SRT-cache is quite awesome, but it's useless with an SSD with so much capacity so you'll get better speeds and more reliability if you just installed your OS onto the SSD and backed up whatever you want to keep after the format.
When your SSD comes in, make sure it's updated to the latest firmware (check manufacturer's website). If it isn't, use your current OS install/partition to update it. If it is then format the hard drive (which you should have backed up by now) and install the new OS. Don't use imaging software to clone your OS to an SSD. Those are unreliable as shit and can give you an endless amount of headaches.
http://www.pcstats.com/articleview.cfm?articleid=2593 SRT is best used with a smaller SSD. OCZ offers a cache-SSD without Intel's Z68 chipset that can be used on any PC, but it's kinda expensive.
Find out what your Windows Installation is. If it's the non-OEM version you should have no problem. If it's the OEM version you may run into some problems and you'll have to contact MS over the phone to ask them to use your auth key again.