The short answer is yes you can.
It's even one of the option descibe on microsoft website to deploy application http://msdn.microsoft.com/en-us/library/dd293565.aspx
Copy the appropriate MFC and C Run-Time (CRT) library files—for example, for an x86 platform and Unicode support, copy mfc100u.dll and msvcr100.dll from \Program Files\Microsoft Visual Studio 10.0\VC\redist\x86\—and then paste them in the \Release\ folder of your MFC project. For more information about other files that you might have to copy, see Determining Which DLLs to Redistribute.
The downside is that the redistributable package is updated by microsoft security fixes. So if a security fix is deployed your application would not use it and may remains unsafe. I'm not a big fan, but it's the idea of the winsxs directory, and manifest since visual 7.0 which 'helps' your application to always use the best version.