Yes. How you'd do this, and how easy it is, depends on the technology. If the install was created with WiX and is a burn bundle, you can use dark to extract the MSI. Some installs have a command line parameter which extracts the files locally.
Most installs are in fact some type of archive with a wrapper, so something like 7z or IZArc can extract the resources, though it can take some investigation to figure out which is the MSI.
BTW, there is another tool that does the same thing as Orca: http://www.instedit.com/, but has some better capabilities and a more up to date UI. The free version is worth a look (not tried the paid version)