can I install puppet master and razor server on same machine

edit

Yes, absolutely. The two do not require any interaction.

The one thing to look out for is that Razor uses port 8080 by default and you'll need to set RAZOR_PORT in /etc/sysconfig to change that.

This is not possible in currently released versions of Razor due to port conflict (8080). As lutter says, the RAZOR_PORT environment variable can be used to change this at runtime, but the module will also hit a minor issue with its yumrepo. The fix for this is already implemented that will be included in the next version of PE, and the port change will be exposed as a module parameter.