Sure, You can do that. Please see this link
Step by Step Guide to Create a Setup for a Web
In the final step an msi file has generated at
applications bin/debug folder.You can supply this msi the
target machine(to your client), when you run this msi at
target machine, it will create a virtual directory as well as create same
folder structure, which you have specified in File System. This installer
will also install the specified those libraries in the registry which are
specified in the Registry.
Now you can browse that application at the target machine in same way as
you have done at your own machine.
If you are using VisualStudio 2012 or 2013 .Please
follow this link.creating-setup-for-web-application-using-install-shield