Yes, you could, provided you have a board that supports booting from USB. Figuring out how to make the OS see the device for installation could be problematic, but I'm going to guess you could instal the OS to an 8GB hard drive partition first and use a program like Partition Magic to copy the partition and make it active.
<font color=blue>Only a place as big as the internet could be home to a hero as big as Crashman!</font color=blue>
<font color=red>Only a place as big as the internet could be home to an ego as large as Crashman's!</font color=red>