You will need this password to join other computers to your homegroup. If you forget this password, you can view it by opening the Control Panel and choosing Network and Internet, HomeGroup, View or Print the HomeGroup Password.
If you’re buying a new home computer or laptop with Windows 7 already installed, it most likely includes the Home Premium edition, but you should verify the edition before purchasing it. If it only includes the Starter or Home Basic edition, you should strongly consider an upgrade, unless you already have another computer running Windows 7 Home Premium (or higher).