iPhone SDK Install on External?

So I'm trying to organize a bunch of classmates in a project we've been given that involves programming for the iPhone. The issue is that the majority lack Macs at home. The college has Mac computer labs, however they wipe everything done on them at the end of the day and the iPhone SDK, I've been told, would be wiped as well and so they would have to install the SDK every day, do their work, take their work with them, and reinstall the SDK again the next day.

So, I was wondering is it possible to install the iPhone SDK onto a memory stick or external hard drive so that I can have these guys plug the drives into any Mac in the lab, do their work, and unplug?