(1) There's no existing infrastructure that allows this, and by the time it was built, both the drought and the floods would be long over.
(2) To the extent large scale water distribution infrastructure is reasonably practical, anyway, it probably doesn't involve crossing the continental divide. Which it would have to connect the places in the US actually experiencing flooding to California.
The nearest thing to interstate pipelines for water are generally rivers (there are canals, but most of even the major canals that I am aware of are intrastate, not interstate.)
Good luck finding either crossing the Continental Divide.
Source: Resident.
One drop at a time...
If/when the drought ends, that can make paying for your pipeline difficult.
http://www.united-states-map.com/us402112.htm
[1] https://en.wikipedia.org/wiki/Continental_Divide_of_the_Amer...
I suppose an alternative - getting a modestly-sized (6 foot diameter?) drill and drilling from mid-Oklahoma to Eastern-Arizona - wouldn't be a lot cheaper. The tunnel would only have to be approximately 1000 miles long.