Of course you can create a Paper wallet without being connected to the Internet.
You only need to download an HTML file to generate the accounts.
See here the instructions:
http://www.ultrapoint.org/create-an-ultrapoint-paper-wallet.html
More information about ULTRAPOINT wallets:
http://www.ultrapoint.org/new-account.html
http://www.ultrapoint.org/wallet.html
http://www.ultrapoint.org/cold-wallet.html
http://www.ultrapoint.org/paper-wallet.html
http://www.ultrapoint.org/hot-wallet.html
http://wallet.ultrapoint.org
Is there any way to create a paper wallet without having to be connected to the internet?