no,

"I called the U.S. Immigration and Naturalization Service Customer
Service Line at 1-800-375-5283, and spoke with Information Officer Wilkerson.
She told me that the H1-B visa is “employer specific” and the one
listed on your visa is the only employer you can work for. I asked if you
could have a home-based business and work for yourself, and she said,
“No, he can’t work for himself.”

I also e-mailed Rajiv. S. Khanna, an immigration lawyer, at

http://www.immigration.com

I told him about your question, informed him of the visas you and your
wife have, and this was his e-mail reply, “They cannot do anything on the
side.”

I had feared this would be the answer, since I also looked up the
provisions of your visas.

“H-1B status is only valid for employment with the employer who
petitioned the INS and only for the particular job for which the Labor Condition
Application was filed.”

"