Possible occasionally, but not normally, and not recommended. The install
process also sets up shortcuts and registry entries that point to where the
file and it's support files are located. Those don't get changed when you
just move the program or the program folder. Certainly you could go in and
edit those things, with the appropriate editors, but it is actually easier
to just uninstall and re-install to the new location.
I have had programs decide to go back where I had them last when I
re-installed them. In that case there is a remove from PPC and PC in the
Add/Remove section of ActiveSync. Using that has generally fixed it. I
guess the original install left info on the PC as to where I wanted it and
that had to go before it would change.

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Sven, MS-MVP Mobile Devices