I believe so, yes. If you look at the bottom of the page you'll find this link https://github.com/voat/voat

The only thing that Voat uses that isn't open source software as far as I know is the Cloudfare service, which protects it from hacker attacks among other benefits. You can setup your own version of Voat without it though.

The fact that Voat is open-source doesn't mean that it is easy to create your own instance of it, especially if you're not used to compiling code and deploying web applications. I never tried doing so for either website but here is the recipe for reddit as an example of how much trouble you'd have to go to to get your own reddit to work https://github.com/reddit/reddit/wiki/Install-guide

Also Voat is written in C# so you probably would need to own a version of Microsoft Visual Studio and also Microsoft's SQL Server.

I'm not trying to put you off, just not sure you understand how involved of a process this can be. If it was easy tons of other websites like this would exist. There are really many easier alternatives if you want to offer a platform for discussing for your school, like phpbb and literally dozens of other forum platforms https://www.phpbb.com/

Sure, they're not quite as cool as Voat but I imagine they should be a lot easier to get running than a Voat clone, especially if you can find one that offers an installer instead of having to do the deployment work yourself! Anyway, let me know how it goes and good luck!