HIPS vs NIPS - What's the difference?

No, you cannot interchangeably deploy HIPS vs NIPS. They attack different subsets of the same problem. Most simply N* is limited to network inputs, whereas H* has access to a far richer set of inputs (files! processes! network listeners!) to be judgmental about (and has less network visibility, so usually doesn't have the rich network parsing and signature set that a N* does). See also Can Snort be configured as HIDS?. That said, if your concern is satisfying an auditor or security requirements that say HIDS/NIDS, then either will do - such requirements are often written solely with the goal of making sure you're taking extra steps to secure yourself, not with the goal of dictating one technology or another.