Yes, but keeping it up to date may become a problem since the update manager
relies on an internet connection.
You can install Ubuntu from the Live CD. This assumes you have it already. If
not, you can order one or download one on another computer and burn it to CD.
Once it is installed you can download individual files for your particular
version in deb format. You can get these either from the Ubuntu repositories or
sites like getdeb.net and save them as data files on a usb stick or CD/DVD. You
can then import them install them. When you click on a deb file it will open the
package manager and once you enter the password you can install them.
Possible problems can arise. Dependencies need to be resolved and since your
computer does not have a connection you will have to do this manually which can
be tedious if you have to run back and forth between computers. This does not
mean that it can't be done, but it is going to be an ongoing headache. You
probably won't want to alter your system much once it is set up for this reason.
Something that you can try is to download something like Ultimate Edition
(http://ultimateedition.info/) which comes with more on the DVD than basic
Ubuntu. One of the suggestions in Ubuntu Brainstorm is to have a DVD version
that is complete, but that has not happened yet. Otherwise you can choose a
distro that comes on a full DVD such as openSUSE or Mandriva. But dependency
problems are going to be even more of a problem with rpm based distros (my
prejudice, sorry). The more you install the greater the chance of an
inconsistency developing, too.