Can one copy Oracle software from one machine to another?

Yes, one can copy or FTP the Oracle Software between similar machines. Look at the following example:

# use tar to copy files and directorys with permissions and ownership
tar cf - $ORACLE_HOME | rsh <target_node> "cd $ORACLE_HOME; tar xf -"

To copy the Oracle software to a different directory on the same server:

cd /new/oracle/dir/
( cd $ORACLE_HOME; tar cf - . ) | tar xvf -

NOTE: Remember to relink the Intelligent Agent on the new machine to prevent
messages like "Encryption key supplied is not the one used to encrypt file":

cd /new/oracle/dir/
cd network/lib
make -f ins_agent.mk install