You can install Inventor OEM on the same machine as Inventor.
To work with only part files, install only the Part Modeling module.
To translate files, either into or out of Inventor OEM, select the translators that support the format or formats you plan to use.
To enable the use of the iBlock sample application, install the part and assembly modeling modules
The application called "Autodesk Inventor OEM" installs on your computer. A desktop icon and a shortcut in the Start menu display. It runs and looks like a standard Inventor installation. You reconfigure that installation to be your OEM application, and then use the modified version to create your OEM installer.