It's one of those things that you'll just have to try and see. There are a lot of tricky DRM protections that good 'ol Microsoft puts into some games and not others. Some games require you to be signed into XBL, others don't. Some tie the game copy to a hardware hash, others don't. It just depends.
UNLESS you're talking about installing them to a disc on two seperate machines. In which case, no, this likely will not work. In my experience, the Xbox will stop the game once you remove the disk, regardless if it's installed or not (Microsoft is smarter than that :P). Sorry mate... :\