It is possible but you have to take into account two things.

First thing is gvSIG has not been designed to this purpose, so some functions
couldn't work in this scenario, for instance, able and disable extensions or the Add-ons manager.

Secondly, instalation must be in a directory where all ussers have execute and
read access. It is not recomended to give write access.

As a particular case, there is a funcionality (field calaculator) that needs to write in the instalation directory the first time that it is executed.

For these reasons it is recomended to follow these steps (to be carried out by a
system administrator):

1. Install gvSIG in a common directory for all ussers (for instance /usr/local/
in Linux).

2. Execute gvSIG for first time.

3. Execute `field calculator`_

.. _field calculator: http://www.gvsig.org/web/projects/gvsig-desktop/docs/user/gvsig-desktop-1-10-manual-de-usuario/gvsig-desktop-1-10-user-manual/gvsig_freemind_toc_view?folder=gvSIG%201.10%20User%20manual/Editing%20tools/Alphanumeric%20editing/Field%20Calculator

4. Close gvSIG.

5. Assign read and execute access to gvSIG installation directory for
all ussers.

More information about this problem at `Why does not 'field calculator' run
correctly in Windows Vista and Windows 7?`_

.. _Why does not 'field calculator' run
correctly in Windows Vista and Windows 7?: http://www.gvsig.org/web/projects/gvsig-desktop/faqs/why-does-not-field-calculator-run-correctly-in-windows-vista-and-windows-7/