I've put together the very key I used as an apprentice. It looks completely functional as far as keys go. In regards to opening Karazhan, however, this might as well be a piece of scrap metal.
Without Medivh's consent, the key is worthless. Yes, of course I know Medivh is dead. This merely makes things difficult, not impossible.
There is a place in Azeroth called the Caverns of Time, guarded by the bronze dragonflight. Find a way inside, travel back in time and get Medivh to enable the key.
Who are you and what do you want?
That key, I recognize it. That is Khadgar's key... of course I haven't given it to him yet.
Upon completion of this quest you will gain: