Yes. PHP Live! is the same as loading a webpage.
If you would like to load the PHP Live! system other then port 80, simply access the system from that port URL (example: http://www.your_website.com:8080/phplive). The web serer must already have the port open and available. The hosting company or server admin will know more information about different web ports and if they are available.
If wanting to install the PHP Live! system on a special port, simply access the system from that port URL during the PHP Live! installation process. If you have already installed the PHP Live! system and would like to update the URL to point to a different port, the documentation Update the URL of your system will provide more information.