Yes. It is a bit of a drill, but
this page shows you how to capture the install image. Once you have done that you can use the instructions
here to make a USB key installer from the image. You won't be able to grab Lion from the app store since you did not buy it from the app store, so you will need to use the process I linked.
Don't let the rudeness of some in this thread put you off. It seems some are just here to take shots at others who are less knowledgeable.
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Yes, we all know what ignorant means, and it is still rude to call someone ignorant when they ask a question.