I was wondering if I would be able to transfer my libraries from my Windows 7 partition to Wine. I am pretty sure this is legal because I would be using the libraries from a Windows installation that I payed money for.
Even if this is possible would it create any benefits? If so, would I be able to run any Windows application I want?
The legality of this is fairly cloudy, but ultimately you're not going to get in trouble over it.
You will sometimes find that the Wine Application Database tells you to copy certain libraries over to get an individual program to work. In these circumstances there are some clear benefits (you get a working program!), but the majority of the time you should find no need to.
Wine can make use of some native DLLs, however in general you don't want to do this preemptively. Wine's built in libraries often work, and in some cases the native (from Windows) versions don't work when used in their place.
That said, there are times when native DLLs will make an application run, however in such situations there's usually a specific winetricks command that will work better. Unless you're really into Wine tinkering and want to debug particular issues by swapping in/out native dlls, your best bet is to just leave your Windows installation alone unless you receive specific instructions otherwise.