Yes, the "normal" Emacs distribution for Windows is precompiled and just runs without having to do any install. Just get one of the *.zip files from the usual place, unpack it onto a USB disk, and you can use it directly. (The actual binary is inside the "bin/" directory.)
The only thing you may want to do is set it up to look for ".emacs" always on the USB disk instead of on your hard drive; see
(info "(emacs) Windows HOME")
on how to do that.
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