If what you're saying is that these are indeed MSDN (Microsoft Developers Network) licenses, then such an arrangement would not be legal. MSDN software is licensed per-user, not per company or per project.
Not that I'm the software piracy cop by any means. I couldn't care less if people use pirated software, and I don't go around snitching on people. But someone who is BUYING software - especially for business use - under the pretense that it's legit - needs to receive legit software. That means licensed in a manner that would pass if they underwent a software licensing audit, which typically requires that they produce an invoice showing how the software was originally acquired the first time from authorized Microsoft dealer. For example, if I sold you my copy of Office 2007 that I bought from Staples, I would need to give you a copy of the receipt to go with it, along with the original box and media and cd-key, for it to be legit.
It is not enough that the software will accept the key code and "activate" without complaining that the software is counterfeit. And it is not enough to have the "software license agreement" legal gibberish that came with the software. The INVOICE is king.
Anything less than that is a scam, even if well-intentioned. Same goes for reselling academic software without disclosing it is academic. It would be reasonable (but still illegal) to advertise you're selling this software, and it is certainly a step above "cracked", but not to call it LEGAL as in your subject line.
PACKET OFFER: Visual Studio 2010 Ultimate + Expression Studio 4 Ultimate + 2 x Windows 7 Professional - all this for 999BTC
(In the store in US: over $14.000)
Someone legitimately wanting this combination of software could become a MSDN subscriber themselves for as low as $1300 a year and could get their own legal (REALLY LEGAL) copy of all of this software and much more, for much less than the USD equivalent of 999 BTC. When you subscribe to MSDN, you can legally install pretty much as many copies of all of that software for your own personal development purposes as you need (even if it's ten or a hundred). Their rights to use the software would continue past their subscription - when the subscription ends (as you probably know), you just stop getting new releases.