I have been thinking about resubbing to VG but dont want to drop 15 on it. My question is IF i were to buy the game again and get that free month, could i use it to reactivate my old account? Amazon has the game on sale atm for like 5 or 6 bucks.

I don't think so.  I am pretty sure it is one key per account.  I am not sure the 10 dollars extra for the first month is that big of a deal if you are planning on playing for multiple months.  If you are just planning playing for one month it probably does not matter what you do. 

Generally the "free month" is the 1st month of an account. It isnt a game card or a key.

They just take the account keys (CD-Key) and once an account is created its 1st month isnt billed.

i know 5 or 10 bucks doesent sound like alot but to me it is. was hoping that i could get away with useing the free month to reactivate an old account but from what you guys are saying its not possable. looks like ill just have to wait for it to go ftp.

I bought the standard game, and later the collectors edition. I got the items from the collectors edition, but never the free month.

You could always wait for Guild Wars 2... buy the game and get the rest of your life for free (as long as the servers exist).