Bit old topic, but just came across this issue myself and have a bit more to add to it. As with the existing answers, it can't be used to install directly- the oracle installer will complain.
However, it is possible to install using an earlier JDK (6 or 7 are supported in 10.3.6), and then swap to JDK8 under the covers. I expect you could also use a custom install to bypass the installer entirely.
This obviously isn't supported - but it does run. If you try to use certain JDK8 features though, they tend not to work (such as newer jdbc drivers - 4.2 simply won't run), so there isn't much benefit to this in normal use cases.