Yep, you can do a stand-alone install...I have it setup like that...from the live CD.
Beware though, nightly updates kill your live CD installation if you try using the built-in updater. I've tried at least ten and every time it dies, so just install and leave it.
Sound? Oh sound, what a PITA...there are drivers for all sorts of chipsets, but the only one that seems to work is the Soundblaster Live! card.
Fun to mess around with, but at this stage it isn't a useable operating system unfortunately.
Oh, and the whole "compatible with Amiga 3.1" mess...they are years away from that. Not a single native Amiga 3.1 compatible application I have tried to date has worked.
PZ.