You can place the O2 sensor in any one of the pipes, but doing so you will be running the risk that all cylinders will be operating under identical conditions all the time. If the cylinder that has the O2 sensor runs rich while the others are lean then the computer will lean out the engine to compensate for the rich signal on the O2 sensor hence allowing possible damage to occur on the other cylinders. Seems an unlikely case, but it is possible for a number of reasons.
Better to place it at the join of all four pipes to get an average reading.