Each product needs to install into its own ORACLE_HOME, but that's about the only requirement. Each ORACLE_HOME can go to separate directories on the same filesystem or to completely different filesystems. Space requirements are generally the major deciding factor since I/O requirements to the ORACLE_HOME are minimal and database files should not be placed under ORACLE_HOME.
Installation steps can be found in the installation guides available at http://otn.oracle.com/documentation/.
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