You can install software this way, but it won't be managed by yum or rpm. This can be a disadvantage if you later decide to upgrade the system or install other software that may cause a software or dependency conflict.
The Elrepo project provides a lot of additional hardware drivers and related software for RHEL based systems, check http://elrepo.org/tiki/tiki-index.php. You may have to test if a particular software works with the Oracle UEK kernel, but it might be worth a try. You can install the repository configuration file and then use yum to install software as usual.
Or fetch and install the package directly, for instance: