For the free version (when we finally release ArtRage 2.5 Free edition), yes that should work.
But for the Full edition there is a Windows registry key which is set when ArtRage is first run. So while you can do a full install onto a USB memory stick, when you run it on a foreign machine you'd still have to enter your registration code. And of course then you've left your registration code on a foreign computer's registry, which will cause them pain and suffering when it comes time for the owner of that computer to buy a copy of ArtRage.
Just for me - if you meet anyone who admits to pirating software: give them a good kick in the nadgers. Piracy forces us to impose limitations on the way software can be used. If it wasn't for the cursed scum who steal software we could put in so many handy-dandy features... But alas we live in a world of spotty-faced gits with no life and no friends.
AndyRage's mantra for graphics engine code:
"Sure - how hard can it be?"