It is possible, but as MASQUERAID has mentioned, you will most likely hit driver problems:
1. If you can't boot your new machine, you will have to run a repair install to forces the system to look at the hardware and apply the correct drivers. This takes a little while and you also then need to to re-patch the machine afterwards as it remove all updates.
2. PNP drivers such as NIC, video etc might have to be re-installed once you boot up. Check in device manager for missing drivers.
There is imaging software which allows for restoring to different hardware - Acronis True Image is a good one (you need the Universal Restore option) -
http://www.acronis.com/smb.
Before you take the image you should first sysprep it so you won't be duplicating SIDs (Security ID) across your network. Have a look at:
http://support.microsoft.com/kb/302577. sysprep removes any unique identifiers the machine has which shouldn't be duplicated. When you then boot your new machine, you enter a mini-setup so you can configure the new machine.