If you want, it is easy enough to grab VS 2010 and the 4.0.1 or 4.0 source code and compile the program yourself. That way you don't really have to use installer, just grab the binary you compiled yourself along with the necessary folders (which should come with the source code). Since Dolphin is open source, you'd be free to share your binary with others as a sort of "No Install" version for Windows users (just follow the GPL license and make any changes to the actual code public, though if you're just compiling it you shouldn't have to touch anything codewise). You can make Dolphin "portable" as well, see the link RachelB posted for more info.
I know on Linux, I can compile as many revision of Dolphin as I want (Linux has long had the same global user directory as Windows does now) and "installing" Dolphin has always been an optional last step. Usually I just compile the binary executable and run it.
I know on Linux, I can compile as many revision of Dolphin as I want (Linux has long had the same global user directory as Windows does now) and "installing" Dolphin has always been an optional last step. Usually I just compile the binary executable and run it.