Nothing is impossible ....
Well, I think Nepolean Bonaparte said it once. Might as well repeat that.
Yes, Someone, I think what you are suggesting might be possible. While distributing your application, in the P&DW, it asks you the location where different components will be installed. Edit that part sothat all the DLL and OCX files have a location same as the application EXE file.
I think DLLs need to be registered, but they need not be in the same folder C:\Windows\System or whatever. You can have them anywhere on your hdd, just register them. Location does not matter.