I got a speeding ticket in Oklahoma doing 86 in a 75 zone. Is this
ticket transferable to my California drivers? license and will it show
up on my insurance record. If so can I go to traffic school in CA and
get it removed from my record for insurance purposes.

I got a speeding ticket in a speed trap in Oregon (the only speeding
ticket I ever got).  I tried to get traffic school in California for
it but was told I could not.  However, it didn't show up as a point
against me in my auto insurance rates until I had a minor accident a
couple of years later.  I asked my insurance agent about it. 
Apparently they don't always check to see if you have any traffic
tickets to add, but if you have a subsequent accident they will
definitely check.  And they will find it because it will go to your
record.

However, minor traffic tickets usually go on your record for only 3
years (for insurance purposes) and then should come off.  Major
tickets could stay on your record longer.