"can it be done? what are the things required?"
You need to change your bootloader configuration, either grub.conf or lilo.conf. and run either grub-install or lilo. You need to change /etc/fstab.
The other possible changes have to do with running on a different hardware configuration. You need support for the new video card, hard drive controller, modem or nic, etc. in your Linux system. If you already have that support installed then everything will work. Otherwise you may have to recompile your kernel and/or build a new initrd to get the proper device support.
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Be prepared. Create a LifeBoat CD.
http://users.rcn.com/srstites/LifeB....home.page.html
Steve Stites