Edit: Try this first: On steam, right click on cod4 and click the validate game files.
If that doesn't work go onto this: (this is for non steam cod4, not sure if its in the same place for steam cod4)
Ok first make sure you backup your current cd key just incase u need it somehow.
Then go start>run(just put in search in vista/7) and type in regedit.
Goto Hkey_LOCAL_MACHINE>Software>
Right click Activision and click on export, save the reg file on your desktop or something.
Delete the Activision folder, (only the cod4 folder if you have other activision games)
Try run the game from steam again, hopefully it resets to the original key.
Good luck
Edited once, 11/8/10 - 3:38pm.
Posted on Wednesday, 11th August 2010