PHP 5.4 is too old. It won’t run Xibo 1.8 series.
But otherwise yes, if you extract Xibo to a new directory, and then put settings.php in to the
web subfolder, and configure your httpd config to point the document root to that same
web subfolder the basics will work.
You MUST configure XTR too which is covered in the manual, otherwise certain parts of the CMS won’t work properly and your database will grow uncontrollably large.
You can optionally configure XMR, but that requires your PHP version to have ZeroMQ support built in. You’ll have to see if it does or not once you’ve upgraded PHP.
If it doesn’t, or you don’t want to configure XMR, then you’ll loose the push messaging features, but most functionality will still work.