I'm fairly certain the doctrine of first sale applies here, click-wrapped license agreement or no, but I could be wrong. Besides, Microsoft's educational resale agreement is between Microsoft and the retailer and really doesn't have anything to do with the consumer.
You know why I don't see this case as funny? The kid did exactly what you someone is his position should do, but people in this country (the United States) are so dead set against law suits and attorneys, that they're blind to violations of their rights and privileges as consumers.
Lawsuits are a Good Thing. How else can we as individuals keep corporations in check? The last time I looked, our system of government is about the freedoms and liberties of individuals and not those of corporations.
Trev