Yes, it is actually super easy. Simply open impulse and the do the following:
1) Right click on Demigod, Choose "Archive Application"
2) Wait while Impulse backs up Demigod. Took about 4 minutes for me while multi-tasking, give or take a minute.
3) Navigate to C:\Documents and Settings\All Users\Application Data\Stardock\Impulse\backup to get the file. You may wish to change the backup archive directory in impulse before stating this. The file currently weighs in at 1.7 GB
4) Copy the file to usb flash drive or DVD.
5) Take it to your other PC and open impulse.
6) Click on the blue orb in impulse and choose "restore archive".
7) Close release notes and allow the archive to install.
8) Hit update to download a small 7kb file that confirms/authorizes you own demigod and can use the update version. You are now done!!!
Hope that helps.