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Yes, you can. There are no laws that prohibit the hosting of home games. Bear in mind though, that if you profit from the game, then it is deemed an illegal game. There are no limits on betting, so you can set the stakes at whatever you and your friends feel comfortable with.
How about going to your buddy's house and playing poker around the kitchen table the old fashioned way? That is actually fine under California law, as long as the host does not charge a rake. That is to say he may not take a percentage as a fee for hosting the game.