Steam no longer bans accounts anyway, they now "perma-lock" them, meaning no trading, no purchases, no activating new games, but still access to all games.
and yes, you can get your account locked if you use a VPN, it's all in their TOS.
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You can activate the game, but it may be region locked.
So you can't run it if lock is applied.
btw, what game do you want to activate?
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The only restriction is a purchase restriction:
http://steamdb.info/sub/11616/
You can run it anywhere.
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Can i have the risk of being banned if i use VPN?
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