i tried to resolve the error by doing what Joel Olson suggested here
http://blogs.msdn.com/joelo/archive/2008/01/02/evaluation-version-expired-but-not-really.aspx
However that did not work.
Finally our Sharepoint Admin Jessi marx found this article on Microsoft's site
http://support.microsoft.com/kb/971620
I reapplied the Product Key and everything worked Again!

